Weekly Furniture World Media Note #77 from Lance Hanish-MobileFirst: Luxury Now Means Price Is Considered

Furniture World News Desk on 6/17/2013

Although many luxury brands have a price-is-no-object attitude, many of their consumers seem to care about what they are receiving for their money. This is according to an article by Erin Shea in luxurydaily.com describing Unity’s ‘The Fashionable Affluent’ trend report that surveyed 1,269 consumers with a household income of at least $100,000 who bought luxury goods or services in the first quarter of 2013.

These consumers are more aware of value for the price they are paying for items. This means that luxury marketers need to deliver on their quality standards to make sure the quality meets the price of their items.

Thirty-five percent of consumers said that price is the most important factor when purchasing. This was the second-most reported factor compared to style or look, which 54 percent of consumers ranked as most important.

While price is an important purchasing factor, many affluent consumers are conscious about buying items on sale.

More than half (54%) of affluent consumers said they have bought something on sale.

Since affluent consumers seem to be concerned with price and value, luxury brands need to make sure they fully communicate the value of their products to their consumers.

What is of great importance is 98% of affluent consumers shop online. These wealthy consumers who shop online are spending approximately five hours per week engaged in online shopping activities. This means that luxury manufacturers and luxury retailers should be sure that their ecommerce sites are mobile ready and up to par.

The affluent customer is no different than most potential customers with the exception she has more money to spend. She is using mobile and digital for news; banking; for fun; to shop and do all of the things everyone else does.

We must all fully integrate our marketing and branding strategies. Why? The affluent consumer is spending on average $3,702 per online purchase. Digital and mobile strategies are now just as important as traditional or legacy media.

And if you are wondering how important mobile is with this audience, approximately 40% of affluent shoppers made an online purchase in the last three months using a mobile device.

This number rose from 22% last year.

It’s time to think about total integration of your marketing and branding efforts. It is time to think MOBILENow.

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Lance Hanish is Co-Founding Partner in CNA | Sophis Integrated Marketing Communications. 

He can be reached at:
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