Despite the economy, luxury shopping remains strong; here are tips on how marketers can connect with these consumers
The age of showy bling is gone, done in by the tight economy, according to a recent Yahoo! Insights study into the habits and preferences of luxury shoppers. (Guess I'll put away my necklace with the three-pound platinum Mercedes hood ornament.)
Luxury shopping, however, is alive and well--if a bit different than before. Read on past the graphic and the jump to find some nuggets from our study that marketers can use to shape how they talk to today's luxury consumers:
Who are they?
- 56 million Americans shop for luxury goods; 60% are non-affluent.
What are they thinking?
- Consumers are more likely to associate luxury and wealth with security than with material things.
- Luxury today needs justification, is something that can be shared with others, provides emotional sustenance and is tied to technology.
How do they shop online?
- Consumers turn to online sources for information more than offline sources as they consider a luxury goods purchase.
- They go to online resources like retail websites, search, and review sites to hunt down specific information … and turn to online ads, blogs, and news and magazine sites for inspiration and ideas.
- Consumers spend 3x more time online on their path to purchase luxury goods versus non-luxury goods and browse the category on a weekly basis. Marketers have a broad window of opportunity to engage consumers to affect consideration and preference.
Check out the blog for more infographics and stories from our Insights studies into the habits and preferences of consumers---like last week's story on holiday shoppers.