4 different affluent consumers brands should identify
Agility Research has identified four key areas of the affluent consumer market, a segment it said was now occupying the top 25% income levels of key markets around the world.
Titled “Affluent Luxury Consumer Segmentation”, the research shows affluent consumers are a growing class who can not be ignored by marketers.
“Given their purchasing power and market influence, they cannot be ignored by the marketers” said report said.
The four key profiles are the Exclusivity Seeker, Indulgent Traveler, Virtual Shopper, Luxury Bargain Hunter. Here’s how brands can identify them.
A key segment for high-end brands as they have considerable disposable income and spend liberally across multiple luxury categories. They are likely to be female, 40-49 years old, a manager, director, or VP in a public or private company. They usually spend on luxury cosmetics and fashion, and more so when travelling.
One who buys luxury predominantly at airports or in cities they travel to. They are likely to be professionals, male, and 30-49 years of age. They spend money on high-end accessories such as premium/ luxury watches and jewellery.
She has no issue with luxury converging with the online world. She both researches and makes luxury purchases online. She values luxury goods for their higher quality and uniqueness. The virtual Citizen is predominantly a female professional who is 20-29 years old. Her wardrobe is likely to displays fashion pieces from Calvin Klein, Gucci, Coach, and/or Chanel.
Luxury Bargain Hunter
She sees luxury goods desirable, but only at the right price. This segment goes online to search for luxury products and prefers to buy products tax free. She is likely to be a female aged 50-59, a professional, or a mid to high level manager. While they have the least spending power, the Luxury Bargain Hunters spend more than others on electronic gadgets and on their vehicle.
These profiles are aimed at helping brands market to the affluent consumer by better understanding and targeting this high value consumer base. The ability to focus on groups of consumers who are homogeneous in thinking and behaviour will enable brands to customise and deliver more relevant product offerings.