THAT’S A BARGAIN: Half of all global luxury shoppers said they only buy when the items they want are discounted.
That’s according to a YouGov Affluent Perspective report on Global Luxury Retail. The report found that there was no significant difference demographically between those who opt to buy at discount from those who elect to pay full price, except that the former is slightly older.
The report also found that of those who bought at discount, only 28 percent grew up in an affluent household, compared with 47 percent of those who bought at full price. One reason is that those in the former group are just starting to build their wealth, and are not yet “secure with the money they have accumulated.” Further, those with a less affluent upbringing said they wished they had more money, while those who grew up in a more affluent household wished they had more time.
Both those who bought at discount and those who didn’t agreed that luxury is different from nonluxury items based on high standards of quality, exceptional design and precision in construction, as well as a high level of service and retention of value. How the two consumer groups differed was more evident in how they made their luxury choices. Those who bought at discount made their choices based on price and brand name or logo. Those who paid up placed a higher emphasis on innovation and what they consider to be cutting-edge, as well as outstanding service.
As for where luxury shoppers made their purchases, 53 percent said they bought in a store, compared with 27 percent online and 18 percent via mobile, while 2 percent said “other.”