While the notion of “luxury” is as old as civilization itself, the perception of what luxury is and what brands are considered “luxurious”, have gone through significant change decade over the past decade. In addition, the recent global recession has had a lasting effect on consumer spending and consumption behaviors of luxury brands.
In an effort to explore the challenges that luxury brands now face, Annalect Primary Research & Insights conducted a national online survey to ask about the following: how do you define luxury and the role it plays in your life, what are your motivations and sources of information when purchasing luxury brands, what luxury categories make up your share of wallet, and what is your luxury spending outlook for the next year?
A key insight from our findings is that any product/service category can be a player within the luxury space by understanding the mindset of the Affluent consumer, and positioning their communication efforts in a relevant way. Beyond just price, Affluents associate luxury with quality and exclusivity. While Affluents are motivated to purchase luxury brands for a number of reasons, Affluent consumers are discerning in their luxury purchases beyond just being price-conscious.
Download the full study below for more information on how Affluents incorporate technology into their lives, experience travel and view the future.
This study was also featured in a Wall Street Journal article, take a look at it here.