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Motivators to Buy Luxury - The Drive to Self-Actualization (Luxury Tracking Report 2Q2004)
Unity Marketing, Aug 2004, Pages: 93
Motivators to Buy Luxury—The Drive for Self-Actualization Luxury Tracking Report & Analysis, 2Q2004
The second issue of the Luxury Tracking Service focuses on the role that self-actualization plays in luxury marketing. While luxury consumers buy luxuries for pleasure and enjoyment primarily, their next most important motivation is improving the quality of life
Luxury marketers, therefore, not only need to maximize their customer’s pleasure of the luxuries they offer. They need to maximize the life enhancing qualities of their products and services. They must provide luxury consumers with self-actualizing experiences from consuming and using the product or service
Luxury consumers more positive about financial well-being in 2Q2004
Reflecting a greater confidence in the economy, luxury consumers showed a substantial increase in their overall confidence in the second quarter. The Luxury Consumption Index rose to 102.7, up nearly five points (4.9 points) from the March 2004 level of 97.8
The Luxury Consumption Index measures luxury consumers' feelings and attitudes about their financial well-being. For example, 36 percent of luxury consumers (average income of 143k) personally feel better off now than they did during the first quarter, and 29 percent believe the country as a whole is better off.
Luxury spending rose, particularly for personal and experiential luxuries
As a result of increased confidence, the luxury consumers spent more freely on luxuries. Purchase incidence of home luxuries, personal luxuries and experiential luxuries rose in the second quarter, while the typical luxury household spent 72 percent more on luxuries in the quarter.
Net/Net: More luxury consumers were in the market during the second quarter buying more luxury goods and spending more on their purchases. Overall, the personal and experiential luxury categories grew the fastest, while home spending remained even with the first quarter
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