The appeal of ultra-luxury products and services continued even through the recent Great Recession. At the same time, consumers of high-end luxury products and services have never been greater, and successful companies in this market know how to reach the wealthy and powerfully craft their message.
An affluent luxury personality describes the motivations and buying patterns of a wealthy shopper. Based on research we conducted with private jet owners, we identified three types of affluent luxury personalities.
Advisors should note that it’s essential to create customized messages for each type.
The three affluent luxury personalities are:
Trendsetters. This group is particularly attuned to the social zeitgeist and the popular media, such as magazines, television and movies. Its members are early supporters of significant changes and introductions in the luxury marketplace and can be influential within their social circles. Compared to the other two personalities, Trendsetters are more likely to be impulse buyers, as long as various reference points validate the luxury product or service they’ll buy over and over again.
Winners. Members of this group make purchases to reward themselves and those in their inner circle for personal and professional accomplishments. More often than not, the spending is triggered by an event such as a birthday, a large legal settlement, a public offering of a business or the incorporation of a new business. But their purchases are generally thoughtful and well researched in that they have been considering their purchases for some time, and the trigger event puts them in motion.
Connoisseurs. This group is the most knowledgeable and discerning of the three affluent luxury personalities. Connoisseurs are deliberate in their purchasing behavior and thoroughly research every aspect of a category, such as artwork or watches or jewelry, before making a decision. They focus intensely on such factors as construction, quality, value and history, and often turn to professionals and specialists for advice. It’s possible to develop connoisseurship in new categories well into one’s wealth cycle. Notable collectors developed their affinity for categories for art, wine and watches years after they made their first $100 million. The key is these collectors have the money to be “buying connoisseurs,” not just admirers.
While the segmentation methodology was developed based on the wealthy, key aspects of it are applicable to all luxury consumers.
