Even in this economy, people still want to spoil themselves from time to time. Accenture (News - Alert) conducted a poll of over 2,000 American adult consumers, revealing some interesting trends for retailers and restaurateurs to keep in mind.
According to the Accenture Luxury Shopping Survey, half of all American consumers are likely to make a luxury purchase in the next six months. Which luxuries will tempt their limited dollars in this economy? 53 percent responded that they were likely to purchase specialty food or drink, 48 percent responded that they will purchase luxury clothing, and 48 percent said that they would be likely to purchase luxury personal care products.
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There are a few key trends to note. For one, brand name may not be as important as it once was: 75 percent of those surveyed said quality was the most important factor when making a luxury purchase; whereas, only 25 percent said brand name. Another important characteristic of luxury shoppers is, despite the prevalence of online shopping, the majority of them still prefer to shop in physical stores. The primary reason given for this (by 38 percent of respondents) was the ability to touch and feel the choices in person.
Luxury shoppers also seem to be getting more scrupulous. 23 percent of respondents had purchased luxury goods and services through an online group that offers exclusive discounts to members, increasing luxury spending among 58 percent of them.
One of the key takeaways for retailers, according to Accenture’s Tom Jacobson, is that, “Consumers want a taste of luxury in their everyday lives, and are willing to spend a little extra for the experience, but the emphasis is on small items. They may think twice about purchasing a new handbag, but shop for a wallet as an alternative.”
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