In a surprising turn of events, global spending of the affluent and wealthy has increased exponentially. This can be incontrovertibly attributed to the fact that a significant number of these global millionaires have a heightened positivity about their economic and financial future, in which the 2021 Agility Global Millionaire Luxury Report—released by the luxury consulting firm Agility Research & Strategy—reveals 63 per cent of millionaires in China and 79 per cent of those in India are optimistic about an increase in their disposable income in the near future.
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This overwhelmingly positive outlook on their financial future as seen largely in countries like India, China and the United States consequentially fuels the motivation for increased consumption and spending on luxury goods, such as Chanel, Cartier and Dior.
In light of this renewed pursuit of extravagance and quality amidst a struggling pandemic economy, it makes one wonder how the affluent all over the world are defining luxury today and if this shared revitalised optimism by them can serve to propel the world's economy to a better place.
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The Agility report generally sheds light on how the pandemic has effectively changed the long-term perspectives and lifestyles, which has in turn birthed a new meaning of luxury and spending. Luxury, as a lifestyle, was previously largely viewed as one of exclusivity and unreachable levels of quality and indulgence, and now with the pandemic on the back burner, middle-aged millennial consumers are increasingly relating to a new kind of luxury which is defined by health and wellness.