Topic: Luxury industry and shopping world wide info how much spent on it do you spend? (Read 17 times)

Luxury goods are typically characterized by their high price points and exclusivity. For example:

Handbags: High-end brands like Chanel or Louis Vuitton can charge upwards of $20,000 for a single handbag.
Watches: Brands like Rolex or Patek Philippe can range from 10,000$ to over 1 million.
Jewelry: Fine jewelry pieces can easily exceed 50,000.$


Estimating Wealthy Consumer Demographics
According to the Global Wealth Report 2023 by Credit Suisse:

The USA has approximately 22 million millionaires.
The UK has around 4.5 million millionaires.
Switzerland boasts about 1.2 million millionaires.
China has around 6 million millionaires.
Latin America has approximately 2.5 million millionaires.
Dubai and Monaco have significant concentrations of wealth per capita.

USA
Estimated Millionaires: 22 million
Average Spending: $50,000 per year
Total Spending = 22M $50K = *$1.1 trillion
UK
Estimated Millionaires: 4.5 million
Average Spending: $40,000 per year
Total Spending = 4.5M $40K = *$180 billion
Switzerland
Estimated Millionaires: 1.2 million
Average Spending: $60,000 per year
Total Spending = 1.2M $60K = *$72 billion
China (Asia)
Estimated Millionaires: 6 million
Average Spending: $30,000 per year
Total Spending = 6M $30K = *$180 billion
Latin America
Estimated Millionaires: 2.5 million
Average Spending: $20,000 per year
Total Spending = 2.5M $20K = *$50 billion
Dubai & Monaco
Given their high concentration of wealth:

Combined Estimated Millionaires: ~500 thousand
Average Spending: $100,000 per year Total Spending = 500K $100K = *$50 billion
Europe (excluding UK & Switzerland)
Assuming an additional estimated millionaire population across Europe (Germany, France): Estimated Millionaires: ~10 million Average Spending: $30,000 per year Total Spending = 10M $30K = *$300 billion


The total estimated expenditure on luxury goods globally by wealthy individuals is approximately \$1.97 trillion annually across these regions combined.