views from affluent & hIGH net worth individuals in US, UK and CHINA

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

Release date: April 2022

introduction

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.

Widespread concern about a global escalation of the conflict

As the Russia/Ukraine conflict approaches 2 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.

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

Figure 1: Level of concern

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. 

“Would you avoid buying from a luxury brand which does not have a clear position on the Russian invasion of Ukraine?”

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

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China again stands out for being markedly different here, with only 22% being likely to avoid luxury brands which do not have a clear position. It is possible that this is 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 and this position may be being 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.  

For more information on this study or any other research requirements, please contact us at reports@altiant.com. 

To view the data set in full, or speak to us about any of your luxury research requirements, please email us at contact@altiant.com.

Contributors

Chris Wisson, Knowledge Director

Contact

reports@altiant.com

ABOUT ALTIANT

Altiant is a specialised fieldwork company which enables large scale, global research among affluent consumers/High Net Worth Individuals (HNWIs) in 15+ countries worldwide.

By servicing dozens of the world’s top luxury and wealth brands, Altiant helps renowned brands and their research agencies to answer critical questions among this very hard-to-reach demographic. We ensure that all of our survey respondents are genuinely affluent by having their identities verified and wealth levels validated.

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