Across segments, consumers equate “cars” with luxury; image source Rolls-Royce
While there seems to be a general consensus on what the term ?luxury? means, the definition in the minds of different segments of the population varies, according to a new report from the Shullman Research Center.
After asking consumers to define luxury in their own terms, the firm analyzed respondents? word choices, finding trends across all adults as well as distinctions between different income brackets and those who do and do not buy luxury. When looking to promote luxury goods, having an understanding of consumers? attitudes and vocabulary when referring to products can help marketers shape the language and strategies they use.
“The attitudes toward luxury today are mixed among the general population, as well as the affluent and luxury buyers?the five consumer segments reported on in this brief,” said Bob Shullman, founder/CEO of The Shullman Research Center. “Notably there are almost as many negative themes within the top 20 themes about ‘what?s luxury’ for all five segments as there are positive ones.  “The differences between the affluent and general population are that on average the affluent segments are better educated, have traveled more and are much more likely to have experienced luxury products or services and therefore they are more likely to understand what luxuries actually deliver on an emotional basis among those fortunate to ...