The Psychology of the Luxury Consumer

YouGov is one of the largest consumer research groups in the world. In this very special episode, we interview Cara David, Managing Partner responsible for the Affluent Perspective Global Study – YouGov’s comprehensive annual report into the affluent population and how they buy luxury items (among other things).

Specifically, we’ll focus on data they pulled together specifically for The Fashion Consumer related to the luxury fashion business. There was so much in here that you may have to listen a few times to get everything. But it’s certainly well worth doing.

Highlights:

  • The affluent hate this… What so many luxury brands do that hurts (and sometimes kills) their relationship with the best repeat buyers.

  • The #1 reason why North American consumers don’t buy more luxury.

  • The big danger with attracting new customers with discounts… and a disturbing statistic that clearly illustrates the damage chronic discounting has done to the luxury world.

  • Affluent consumers were asked: “How good of a job do you feel high-end and luxury companies are doing in marketing their products and services to you?” The not-so-surprising-but-still-concerning results.

  • A look at sustainability from the affluent consumer perspective… and a surprising insight most fashion marketers don’t seem to appreciate.

  • An insight into why affluent consumers are increasingly buying luxury from Amazon of all places.

  • Affluent consumers were asked to agree or disagree to, “These days, I’m making fewer but more meaningful purchases.” 80% of respondents agreed. The big threat and potential opportunities in this statement.

  • How to build brand loyalty in a market where 60% of global consumers admit they just aren’t as loyal to their favorite brands as in the past… a 6-point solution.

  • The keys to capturing the heart of an affluent consumer. (Hint: it doesn’t involve gimmicky reward programs.)

  • A very simple but seldom practiced way to make your luxury brand stand head and shoulders above the competition.

To listen to the interview, click here.

About the Author

Andrea Roe is Project Director for Seven Stockings, a graphic design firm for the fashion industry.