listen to article
This voice is automatically generated. Please let us know if you have any feedback.
Diving overview:
According to an analysis by Accenture, a global professional services firm, 79% of luxury shoppers this holiday season believe their disposable income will improve or stay the same compared to last year.
According to Accenture, luxury shoppers surveyed said they planned to spend $729 during the holiday period. A spokesperson for the company said in an email that 40% of luxury shoppers surveyed are “increasingly looking for deals” and comparing prices, so retailers and brands can save money this holiday season. He added that it may be necessary to cater to consumers who demand better products.
According to Accenture, nearly a quarter (24%) of luxury shoppers surveyed said they use coupons to “shop strategically and save money,” while 32% said they use coupons to “save money by shopping strategically.” said they would buy in advance to get a better price.
Dive Insight:
Accenture surveyed 1,500 U.S. consumers and derived insights into their luxury spending. 18th Annual Holiday Shopping Survey Released at the end of October.
The findings come as the personal luxury goods market is poised to: Enduring the first economic slowdown since the Great Recessionexcluding the Covid-19 pandemic.
Despite sluggish earnings in 2024 plaguing luxury conglomerates. LVMH, kering and Richemontsome high-end customers said: they look forward to shopping During the holidays, both for yourself and for others.
Jill Standish, global leader of Accenture’s retail industry group, says the luxury companies that will succeed in the coming weeks will leverage the strength of their brand and use it as a magnet to entice customers to shop with them rather than with a competitor. He said he hopes to become a company that can do so.
“With 4 in 10 luxury shoppers looking for deals and comparing prices, retailers and brands are paying closer attention to customer data to more accurately personalize promotions, marketing campaigns and advice. customers,” Standish said in an email. comment.
He added that while it’s encouraging that customers responding to Accenture’s survey said they plan to spend more this holiday season, there is room for caution.
“…This optimistic outlook is a reminder that price and value remain top priorities for many,” Standish said. “And then there’s the challenge of where and how consumers experience brands, everything from the advertising and digital marketing they receive, to their online and in-store experiences, and the customer service they encounter along the way. These are all factors that will determine the season.
