The Luxury Consumer – 5 Types You Need To Know About
How do you convince someone to buy a handbag for £2K or spend £500 on a ceiling light? By knowing your luxury consumer – that’s how. The MirrorMePR team were fascinated to read some insightful research undertaken by global media agency, Mindshare North America, in which they discovered five different key types of luxury consumer.
Representing premium luxury brands is our area of speciality and knowing what drives consumers to spend within the luxury market place is essential. Whether it’s your social media posts, press releases or website copy – in this blog we share some of Mindshare’s insightful data.
The research identified five main types of luxury consumer, and the 1,600 luxury consumers that were surveyed were broken down into categories based on their age ranges, psychological motivations, principles that ignite their fire, and more. Consulting with a leading professor of psychology at Yale University, Mindshare classified the following:
1. The Strivers: 24%
This group were the youngest group surveyed and ranged between the ages of 18 – 34. Men made up more than 58% of the group and, income wise, the majority were in the middle to upper class bracket. This demographic were most likely to be motivated by social media influencers, family members and TV shows and see luxury items as evidence of their success.
2. The Trendsetters: 16%
This group touched on the same age range as the ‘Strivers’. They were the highest multicultural consumers and were also the most likely to be influenced by social media influencers, shopping websites, and their friends on social media. For this group, luxury items set them apart from the crowd.
3. The Aesthetes: 17%
These group ranged from 18 – 54, and had the highest percentage of women across all the groups. 33% had an annual HHI of $100 – $149,000 with 28% at $150,000 or higher. This group’s purchasing decisions were most likely to come from the brand’s websites, online reviews and online searches. For this group, luxury is the tower of all things designed beautifully.
4. The ‘Only The Best’: 23%
This group featured more than 26% of consumers aged 65+, and their annual HHI ranged from $75,000 – $150,000. They were most likely to be influenced by search, online reviews and recommendations from friends. Luxury should embody outstanding quality and service for the ‘Only The Best’ crowd.
5. The ‘Comfort First’: 19%
Demographically, this group had the highest percentage of people aged 65+ out of all the groups, and the lowest millennial percentage across all the groups. When it comes to income, 35% had an annual HHI of $150,000 – the highest percentage in any group. This group are most likely to be influenced by online reviews and brand websites. Luxury is the most desirable way of living for this group.
Trends in marketing luxury products are changing, so if you’re marketing to a luxury consumer, then you need to know how to navigate the evolving landscape. Speak to our Luxury PR Team about your PR, Marketing and Social Media Marketing needs. You might also enjoy reading: How To Present Your Brand As Premium.
* Source: PR News Wire