Julius Baer launches first report on luxury goods and services

Julius Baer has published its first edition of the Global Wealth and Lifestyle Report 2020. The report is a wide-ranging survey that examines prices and consumer behavior in order to understand the world of luxury better.
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Julius Baer has published its first edition of the Global Wealth and Lifestyle Report 2020. The report is a wide-ranging survey that examines prices and consumer behavior in order to understand the world of luxury better. It tracks luxury trends by following the Julius Baer Lifestyle Index in 28 cities around the world. The report pays special attention to ‘conscious consumption’, highlighting how ethical decisions about the environment and sustainability are causing a rethinking of what it means to live well today.

The Julius Baer Lifestyle Index shows that Asia is the most expensive region for luxury consumption, while Europe is the most economical. The American continent sits between Asia and Europe. The report shows that the main factors behind luxury price difference and consumption are government policies, taxes, service prices and currency fluctuations. Overall, the global demand for luxury continues to grow steadily while luxury companies listed in developed countries have enjoyed an extraordinary performance compared to the main indices.

Nicolas de Skowronski, Head Wealth Management Solutions amd Member of the Executive Board comments:

Luxury’ once stood for fancy goods, such as handbags or sports cars. Now it has morphed into a broad category that includes services and experiences, from fine dining to new lifestyle trends such, as wellness. Behind these developments is an increase in the wealthy demographic, who are international in their outlook and desire a similar standard of living wherever they are. The basis of this report is a comparison of the prices of various goods and services, from hybrid cars to laser eye surgery, broken down globally, regionally and by item-type.

As we delved deeper into patterns of consumer behavior, a key finding emerged. Baby boomers are passing on their money and the influence of a younger generation is being felt – one that cares about the planet and knows its consumer power.

We, therefore, highlight the theme of ‘Conscious Consumption’ – the growing desire among consumers to balance their buying decisions with their social, environmental and political convictions. This began with the millennials, but the baton has definitely been passed down the generations now. Even Generation Alpha is getting involved, as I know from personal experience. Material possessions are no longer the ultimate goal. Today’s consumers prefer to spend in a more measured, sustainable and responsible way.

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Julius Baer launches first report on luxury goods and services