Luxury consumers primarily pursue their luxury lifestyles in order to maximize their personal enjoyment and pleasure, according to a recent survey examining the buying priorities of affluent consumers.
According to Unity Marketing’s Luxury Tracking Report, 52 percent of the luxury consumers reported that enjoyment and pleasure was very important when it came to making their most recent luxury purchases.
The Stevens, Pa.-based marketing consulting firm surveyed 1,012 consumers in July with an average income $147,900 and average age of 43.4 years.
“What luxury marketers and retailers learn from these findings is that they need to keep the consumers’ joy and pleasure front and center when it comes to positioning their brands, developing marketing messages, and designing their products,” says Pam Danziger, Unity Marketing president.
According to the findings, only 13 percent rated exclusivity a “very important” factor and 59 percent of respondents said is was “unimportant or not needed.” Status scored even lower with 9 percent finding it “very important” and 71 percent saying it is “unimportant or not needed”. A total of 7 percent found social standing to be “very important” while 73 percent said it was “unimportant or not needed.”
These lowest ranked values are of slightly more importance to the super-affluent consumers ($150,000 and above) than they are to the lower income segments, Danziger says.
“The super-affluent with their significantly higher incomes have the means to achieve a level of perceived status through luxury purchases, so having the means may give them the motive,” she says.
But Danziger notes, even at the super-affluent income levels these motivators are 5 percentage points or less.
Luxury is all about fun for the consumer, with the consumer looking for luxury that makes them smile, rather than luxury that is too serious or heavy, Danziger says. This is underscored by the survey. A total of 34 percent of respondents view luxuries as a personal reward for hard work and 38 percent view luxury as a special treat.
‘Happy people having fun are simply contagious,” she says. “We gravitate toward that and want a piece of it ourselves.”