The habits and motivations of self-purchasing females who buy luxury goods were put under a microscope for a recent study by data analytics firm MVI Marketing. The research report, released this week, focused on four product segments: jewelry, handbags, travel, and lab-grown diamonds.
Last year’s MVI report on self-purchasing females found that the top two reason women self-purchase luxury goods were “so they can get exactly what they want” and “to celebrate a milestone.”
This year’s research revealed different motivations. They were, in order: “To reward themselves for a goal or achievement,” “self-love,” and “just because.”
Here are a few other key findings from the report:
++ In fine jewelry, respondents rated Tiffany, Pandora, and Swarovski as the top jewelry brands they own or are most likely purchase. Drilling down further, the study found that necklaces are the luxury jewelry item most likely to be bought by self-purchasing females.
++ Sixty-nine percent of self-purchasing females have heard of the term lab-grown diamond, and the majority have an interest to know more. Thirty-seven percent are “unsure they would actually purchase lab-grown diamonds for themselves,” while 35% said they would purchase them for themselves. More than half of self-purchasing females would consider lab-grown diamonds for environmental reasons (an early but not-so-true marketing message from the lab-grown sector that’s really stuck with consumers—see JCK news director Rob Bates’ article on that here).
++ Almost half of the respondents indicated that they shop luxury brands when they’re on sale. Nearly two-thirds of respondents indicated they would post on social media about their favorite luxury brand.
++ In handbags, respondents rated Coach, Michael Kors, Kate Spade, and Louis Vuitton as the top brands they own or are most likely to purchase.
++ Seventy-one percent of women polled plan to take a luxury trip in 2020 to “just to have fun.” The hotel brands they will most likely book for themselves are Hilton, Marriott, and Hyatt.
The study was conducted online January 16-20 and was completed by 1,011 U.S.-based females 25–40 years of age with a household income of $50,000 or higher.
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