Luxury is going mainstream: Nearly three-quarters of U.S. consumers buy luxury goods or apparel each year, according to new research from LoopMe, a technology company that uses artificial intelligence; 1 spend at least $1000 on (AI) brands to improve their advertising performance.
These high-end shoppers prefer the in-store experience, with 57% choosing to purchase luxury goods in-store. Despite major online players like Amazon moving into the luxury market, 30% of consumers still buy directly from a retailer’s store, while 27% choose a department store or secondary retailer. There is.
Luxury price (50%) and quality (47%) are prioritized as important factors when purchasing luxury goods at all budget levels. Additionally, LoopMe has discovered that timing is important when consumers make luxury purchases.
54% buy luxury items for special occasions or to reward personal accomplishments 30% buy on sale 16% buy regularly as part of their lifestyle 13% 11% buy during the holiday season and 11% buy luxury items when they find a new collection.
“In recent years, social media trends and hashtags have encouraged users to spend on ‘treating yourself’ and ‘small luxuries,’ and investing in luxury goods is now a no-brainer for most U.S. consumers. It seems like it’s becoming part of their annual shopping habits,” said LoopMe Chief Revenue Officer Lisa Coffey. “With price and quality having a huge impact on these purchasing decisions and spending not being limited to just large sales events, brands are working ‘all the time’ to continually increase their appeal and acquire new customers. You have to maintain your presence.”
LoopMe based its conclusions on a recent survey of 5,377 U.S. consumers to assess consumer behavior and preferences regarding luxury goods and apparel. Click here to learn more about the company’s findings.