Investor's Business Daily, July 27th, 2007
CONSUMERS
Luxury Buyers Have Same Global Profile
Retail managers take note: Luxury consumers in the U.S. and most of Western Europe have many similarities.
A report by the Consumer Research Center of the Conference Board says the biggest similarity lies in how they stress experiences, rather than something one has or owns, in their buying habits.
The report says 44% percent of luxury consumers in the U.S. and Western Europe define "luxury" as having enough time to do whatever you want and being able to afford it.
Thirty-five percent of respondents said having enough time to do what you want is the most highly valued luxury. This was followed by 25% who said that having life experiences was the key. Another 18% most valued having comfort, beauty and quality in their lives.
High-tech activities, such as using a PC, the Internet or a cell phone, rank as the most popular lifestyle activities by almost three-fourths of luxury consumers. Travel comes next, with 69% of luxury consumers reporting an interest.
The most popular status luxuries in both regions include owning antique collections, original art such as paintings, and vacation or second homes.
The next most widely owned status luxuries include collections of fine jewelry and watches, fine musical instruments, and collections of fine wines and spirits.
Chinese luxury consumers led other nations in the ownership of fine jewelry and wine, while French consumers have the highest rate of fine musical instrument ownership.
The report was sponsored by Conde Nast Publications and top luxury product makers. It's based on an online survey of 1,800 affluent consumers in the U.S., China, France, Germany, Italy, Japan and Britain. Respondents were over 18 and in the top 25% income brackets.
COMPANIES
Firms Develop Sense Of Family
More companies are fostering a sense of "family" among employees than five years ago, says a study by Sirota Survey Intelligence.
The firm, which specializes in attitude research, found that 62% of human resource professionals feel companies are promoting a greater sense of family in their organizations than five years ago. Another 79% said more employers should be doing so.
The study says the prevailing way to develop a sense of family at companies is to help workers deal with stress from work and family issues. They do this through employee assistance programs, or EAPs. Eighty-one percent of HR professionals said more employers have programs to help workers cope with their personal problems than did five years ago.
EMPLOYMENT
Many Workers In Wrong Job
Up to 25% of employees regret taking a new job in the first year of their tenure, says Challenger, Gray & Christmas.
The global outplacer says the estimate may be conservative in a tight job market where job seekers are more likely to accept the first offer that comes along.
The firm says the best remedy is to quit before it's too late.
"By trying to stick it out, it is likely that the individual's performance will decline and that his or her attitude will worsen, both of which could tarnish the individual's reputation and damage future job prospects," said John Challenger, the firm's chief executive.
