your company deals in luxury products, making you a prestige name that doesn’t sell to the average consumer. you might not have imagined marketing your luxury goods to those 20 or younger, but that’s today’s reality. they’re 35 to 44 years old and they’re also another big part of your target audience. you’re not likely to make as much of a profit from this group then. as you begin brainstorming what your luxury product marketing campaign will look like, you have to consider the values of your target audience.
you don’t have to give away company secrets, but let your customers get a behind-the-scenes glimpse into how the magic happens. the luxury market report notes that 29 percent of those who regularly buy luxury goods prefer the company to have a narrative or story. essentially, it’s like a blueprint for selling and marketing to your customers. if you know a product might disqualify some of your audience because of the price, then you don’t want to market to them. by understanding the values they appreciate and then using the marketing tactics we recommended above, you can market your luxury products to your target audience more effectively.
luxury brands have a pretty fixed idea of what luxury is and how to sell it. they account for 35% of the market but are expected to make up 50% by 2025. where demographics reveal the where and who, psychographics reveal the why. psychologists and researchers agree that one psychological trump-all for buying a luxury product is the need for uniqueness. as the luxury landscape tilts towards accessibility, consumers will want to stand out both on a personal and brand level, prompted by the behavior of the in-group (other luxury shoppers). this is a great way a luxury brand is appealing to the digital-natives henrys, whilst still remaining true to their brand legacy by using authority and exclusivity.
this kind of ‘prosocial signaling’ is a way luxury consumers can show off their status and belong to an in-group of pro-environmentalist shoppers. the sustainable luxury brand fool dost doesn’t just advertise using sustainable materials (although this is one of their usps). “if luxury retailers can foster and build relationships with their individual customers post-purchase, then they can make their brand a safe space where shoppers will feel worthy of belonging to the in-group, and not imposters. in fact, 39.1% of consumers say the one thing that draws them the most to a luxury brand is quality. in 2021 and beyond, you have to change the traditional way of marketing your luxury products.
according to a 2019 luxury market report, today’s luxury brand target audience is 25 to 44 years old. they comprise 64 percent of this overall luxury shoppers demand their brands to be ‘woke’. they are concerned with the environment, including social and political issues. they demand retailers and luxury brands that invest in connected customer 360 profiles are achieving substantial returns: $2.2 million in cost,, luxury consumer segmentation, luxury consumer segmentation, consumer psychology of luxury brands, luxury consumer demographics, luxury consumer demographics 2021.
what’s the secret to attracting the high end consumer? confidence! with the right mindset, you can succeed in your luxury goods marketing. customer service lessons from luxury brands 1. collect regular feedback from customers. your perception of your customer service doesn’t matter new research explores the five different types of luxury consumers today, and the key trends that will drive luxury brands forward., luxury customer experience examples, types of luxury consumers, luxury consumer demographics 2020, luxury consumer goods, luxury market report, how luxury brands create desire, luxury goods self-esteem, articles on luxury brands, how to provide luxury customer service, how to grow a luxury brand. who are the customers of luxury brands? what is the target market for luxury brands? what demographic buys luxury brands? what do luxury consumers want?
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