Stat: One in five UK millionaires find luxury inspiration on TikTok

UK – The Global Millionaires 2023 TrendLens report released by data and insights firm Agility Research & Strategy confirms the growing impact of TikTok on high-net-worth individuals. Some 21% of the UK’s millionaires cite the short-form video platform as a source of luxury purchase inspiration. In Germany, four in 10 millionaires use TikTok to get ideas about buying luxury items.

The research is based on interviews of 761 millionaires from the US, the UK, Germany, China, Spain, France and Italy conducted in February and March 2023. ‘Despite its correlation with the Gen Z demographic, luxury brands must not underestimate the rise of TikTok, as we have found that the platform is a key source of purchase inspiration for HNWIs across several markets,’ said Amrita Banta, managing director of Agility Research & Strategy.

In Generation Z Luxury Market, we previously looked at how young consumers use their status as digital natives and experts in social media to research and carefully select luxury brands and products rigorously.