What Wealthy Consumers Look for in Luxury Brands

Isaac Mostovicz writes that affluent consumers look for different attributes in their luxury goods ...

What do high net worth individuals look for in their goods? A recent study from the Luxury Institute has identified what attributes of luxury products affluent consumers value the most. Analysing wealthy consumers from across the globe with a minimum annual income of $150,000, the study found that the top attributes that they value are superior quality (73%), followed by craftsmanship (65%) and design (54%.)

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Customer service is a key brand attribute that was cited by 47% of correspondents – and interestingly, one of the most important to Chinese consumers who cite it as a one of the main considerations. However, it’s also one that US consumers feel has deteriorated in recent years (34%,) alongside craftsmanship (17%.)

 

In China, however, satisfaction levels remain high. In the world’s most rapidly growing luxury market, 63% of affluent consumers say that customer service has improved and the vast majority applaud higher quality, craftsmanship and design.

 

Previously on this blog, entries have explored the success of those brands that tap into their customers’ emotions, providing a positive experience and remaining relevant to their contemporary customer through multichannel platforms such as social media.

 

At Janus Thinking, consumers are characterized into two different groups – or world views – Lambda and Theta, which explain how our different personality types influence our choice and perception of luxury.

 

The Lambda personality will see an item’s value not in terms of price, but rather, in terms of craftsmanship. If the item has taken a long time to make, is unique or has a story behind the item’s creation then it is more likely to be valued by a Lambda. On the other hand, if the item is attractive, and something that’s likely to establish them within their preferred social class, it will be valued by a Theta.

 

While the luxury industry identifies what attributes customers value in their goods, it is a good time for brands and retailers to understand how consumers’ core differences can assign different values to luxury items.


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