Luxury brands should take notice for what luxury consumers are looking to buy. According to the Luxury Shopping Survey, just published by Accenture.
Of the more than 2,000 U.S. adults surveyed, half of them said they are likely to make a “small” luxury purchase in the next six months. What categories would move them from “likely” to “definitely”? The items they indicated they’re ready to splurge on include specialty food or drinks (53 percent of respondents), luxury clothing (48 percent) and luxury personal care products (48 percent). More than half (57 percent) intend to purchase luxury apparel that they could mix into their everyday wardrobe.
Interestingly, the respondents ranked quality, not brand name, as the most important factor when buying luxury items. While 75 percent of respondents said quality is tops, 69 percent ranked price as the key factor, and only 25 percent said brand name is most important. This finding tracks with recent consumer studies of private label products that suggest brand name is becoming less significant in the purchasing decision. Food for thought for brand marketers.