Question

Topic: Customer Behavior

How To Do Customer Analysis Or Research For Luxury Products

Posted by Anonymous on 3/27/2004 at 11:41 PM ET 250 Points
It's easy to do consumer research for any marketing aspects or tactics in FMCG industry. But it is very difficult to understand customer behavior, motivation and habit etc for luxury products or brands. I am wondering if there is any method to identify needs of high level segments of consumers, especially in tactical way. What luxury products I mean are jewelry, perfume, clothes, car, housing etc.
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RESPONSES

  • Posted by Chris Blackman on 3/28/2004 at 4:31 AM Member
    I think the first thing to realise is that "need" is not a precursor to purchase in luxury markets.

    Why do people buy perfume, jewelry, luxury cars, branded goods?

    Because of the way they make them feel. And the way they perceive others will feel about them.

    For example - I am a consultant. If I turn up for a meeting with you, and you see me park a battered, nondescript sedan in the parking lot, then walk into the building to meet with you carrying a 20-year old, vinyl holdall, would you want me to work on your stuff?

    How would you feel if I drove in the parking lot in a new Porsche (you'd probably think I'm going to be very expensive!). If I turned up to meet with you carrying my papers in a Hermes or Louis Vuitton document bag, would you start to take me seriously? Look at the newspaper reports and photos when Martha Stewart turned up for court appearances carrying a $10,000 Hermes handbag.

    Think about the purchasers EGO, for a start. Because it's not about functionality (although that may be high, or it may be low) and it's not about price, and it's certainly not about quality, which must be indisputably high, it's all about the FEELING.

    So any methodology you develop to plot (let's call it) "Inclination to Buy" for luxury goods, must reflect the FEELING that is imparted to the buyer. Not just from the mere act of owning the goods, but also from the admiration, respect and other acknowledgements that come from others when they notice the luxury item in use...

    Hope this helps.

    ChrisB
  • Posted by Pepper Blue on 3/28/2004 at 1:41 PM Member
    Hi sevenswq,

    I know if I was researching this topic, I would go to the following websites:

    https://www.robbreport.com/

    https://www.worth.com/

    https://www.curtco.com/

    All of these publications track what the rich buy and/or invest in. You should find a great deal of information that helps you out.

    I hope that helps!
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