- Language: English
- Published: April 2013
Luxury Consumer Tracking Study
- Published: September 2014
- Region: United States
- Unity Marketing
The Ultimate Guide to the Buying and Spending Habits of Luxury Consumers.
A quarterly customized report about what products and brands luxury consumers are buying and how much they spend on luxuries.
In today's hyper-competitive environment, market research is not an option; it is a necessity. Luxury marketers that want to win must stay vigilant in tracking the shifts, turns, and changing preferences in their affluent consumer market. They need up-to-the-minute data, as well as a historical perspective, to anticipate the next major luxury business opportunity or branding challenge. The Luxury Consumer Tracking Service is designed for luxury marketers who need to know all there is to know about their consumer market.
Launched in January 2004, and every three months thereafter, Unity Marketing has measured the pulse of the affluent consumers in a longitudinal survey of 1,000-1,200 affluent consumer households. Each quarter the Luxury Consumer Tracking Study reports what luxuries they bought during the past quarter, how much they spent, where they bought, the luxury brands they became aware of and used, and how they felt about their current and prospective financial status.
Track Future Shifts in the Luxury Market Before They Actually Start to Impact Your Business
Luxury tracking gives luxury marketers the ability to track the ups and downs in the market in real-time and discover how their target market feels about their luxury spending over the next three months. In addition to the four quarterly tracking studies, marketers also receive a year-end summary of luxury consumers’ purchases and spending on four categories of the luxury market, including home luxuries, personal luxuries, automobiles and experiential luxuries.
The Luxury Consumer Tracking Service is a cost-effective way for luxury marketers to monitor their brand awareness and usage among their target market. With this data, they can hold their advertising agencies accountable for producing results among the affluent target market.
Luxury tracking gives marketers the data they need to predict changing patterns of affluent shopping consumer behavior before it occurs, so they are ready with new products and marketing initiatives before the changes and shifts in consumer behavior start to gain traction.
The Luxury Consumer Tracking Service is a vital tool to gain more insight and understanding about the luxury market from one of the nation's foremost experts on the mindset of the luxury consumer, Pam Danziger, president of Unity Marketing and author of Let Them Eat Cake: Marketing Luxury to the Masses -- as well as the Classes (Dearborn Trade Publishing, January 2005).
Luxury Tracking Covers Purchase Behavior including the "New Luxury" Consumers to the Truly Affluent.
The survey tracks and analyzes three distinct segments in the luxury consumer market representing the top 25 percent of U.S. households by income.
Throughout 2006 the average consumer surveyed had a household income of $140,000-$149,000:
-Near-Affluents, with household incomes of $75,000-$99,999, that represent 12.2 million households or 11 percent of all U.S. households. This segment represents 20 percent or less of the total sample and is representative of the “trading up” luxury market.
-Affluents, income of $100,000-$149,999, who make up 10 million U.S. households or 9% of all households, and account for approximately 40 percent of the survey sample each quarter. This segment represents the prototypical American "new luxury" consumer.
-Super-Affluents, the income segment making $150,000 and above, that represent the highest spending segment in all categories of luxury, and who make up 5 percent of U.S. households, or 5.6 million households. This segment makes up about 40 percent of the survey sample each quarter. This is the most highly affluent segment of the population.
Note: In the coming 2008 survey year, the income segments will shift upwards with a starting income of $100,000. The segments will be:
-Trading-Up Affluents, household incomes of $100,000 to $149,999
-Comfortable Affluents, $150,000-$199,999
-Prime Affluents, $200,000 and above
Syndicated Study Is Customized to Allow Luxury Marketers to Include their Brands and Top Competitors’ Brands in the Survey
Every quarter subscribers receive an analysis report about purchases, spending and shopping choices, including luxury brand purchase and usage. The luxury tracking survey provides the basic structure that is customized to meet the specific needs of each subscriber, adding their key brands and 5-6 competitor brands. SHOW LESS READ MORE >