Many wealthy individuals looking for luxury brands to adopt a clear positioning.

Affluent and HNWIs in the US, UK and China share their views on the current conflict between Ukraine and Russia.

Release date: April 2022

In our latest survey (April 2022), we wanted to explore how Affluent and High Net Worth individuals felt towards the ongoing war in Ukraine. This short piece summarises findings from 300 affluent/HNW individuals, with 100 from the US, 100 in the UK and 100 from China.

As the Russia/Ukraine conflict approaches two months in duration, many members of our affluent community told us that they are still concerned about a global escalation. This is most applicable in the UK and US where almost three in five have strong concerns about an escalation, with a third being somewhat concerned. The response is noticeably lower in China, perhaps in part due to reassurances from the Chinese government and a more immediate impact relating to the reimposition of a domestic Covid lockdown. Nevertheless, two-thirds of wealthy Chinese individuals do still show some worry about the conflict escalating globally.

Figure 1: Level of concern        

“I am concerned about a global escalation of the conflict between Russia and Ukraine”

Base: 300 UK/US/China affluent/HNWIs. Source: LuxuryOpinions?/Altiant

Many wealthy individuals are looking for luxury brands to act on the conflict.

The conflict has led to many brands and consumers reappraising their relationship with Russian brands. Many have now adopted a clear position in condemning the invasion; Chanel and Prada being just two brands which responded quickly and unequivocally at the start of the conflict.

Overall, two in five would be very or somewhat likely to avoid brands which do not have a clear position on the invasion, with a third neutral/unsure on the conflict. Brits are particularly firm on their desire to see luxury brands acting decisively, with 41% saying they would be very likely to avoid a brand which did not adopt a clear position. Overall, three in five Brits would be disposed to avoiding non-committal brands, falling to just under half (48%) of Americans.?

Figure 2: Impact of brands’ positioning on the consumer purchase        

“I am concerned about a global escalation of the conflict between Russia and Ukraine”

Base: 300 UK/US/China affluent/HNWIs. Source: LuxuryOpinions?/Altiant

China again stands out for being markedly different here, with only 22% likely to avoid luxury brands that do not have a clear position. This may be a reflection of the wider view from the Chinese government, which has been far less critical of Russian actions than other countries. China abstained, rather than vetoing, U.N. resolutions condemning Russia’s invasion. This position may be reflected in the large share of Chinese individuals who do not adopt a definitive position on the conflict.

Nevertheless, for many brands in western markets, a clear position on the ongoing conflict is likely to be met with a broadly positive response.??

ABOUT ALTIANT        

Affluent fieldwork specialist Altiant has been building real expertise since 2014. The company empowers agencies, researchers, insights experts and marketing teams in the luxury goods and wealth management industries to make more informed insight-driven decisions. Altiant provides highly validated affluent and high net worth sample through their proprietary panel, LuxuryOpinions? as well as a suite of fieldwork solutions.

Altiant Knowledge Center: Complimentary Access to research consumers exclusively conducted with verified Affluent and High Net Worth Individuals in more than 15 countries.

For more information on this study or any other research requirements, please contact us [email protected].?