Luxury research is Necessary to many companies that produce and market luxury goods. Most luxury goods are sold to the wealthy, and for that reason, unlike standard goods or commodities, they are targeted to a certain group of people, albeit a little one relative to the overall population. Before we discuss how Luxury research is performed, and why it is so crucial to a lot of businesses, let us first talk about the luxury market and what it is. Before it is possible to research a particular market, you must first define it so that you completely understand what it is that you are researching.
The Luxury Market
This is where you hit Your initial roadblock, because even the term ‘luxury’ is indefinable let alone its own market. To the guy in the road a Cadillac is a luxury car, but to a Rolls driver is merely a runabout. Using a Jacuzzi in your home may seem like luxury for you, but to others nothing less than a fully-equipped pool and spa would satisfy up with the definition. So, what many companies that market such so-called luxury goods will do is that, rather than specify the product, they specify the marketplace: or people most likely to buy high-end consumer goods.
What it boils down is That so as to perform luxury research you need to define who will buy them and then research that category. How can you do this – you cannot simply email the wealthy and ask them to complete a questionnaire for you since they would refuse? We refuse ourselves, unless we are provided an incentive to do so: a free draw entrance or some other form of compensation for completing the questionnaire.
Luxury Research – The Practicalities
In Reality, luxury Research is not carried out in precisely the exact same manner as a normal consumer survey would be. To understand why, consider for a minute any customer surveys you’ve completed previously. You are generally asked what products you usually buy, what originally attracted you to them and that type of thing. Why do you purchase Product A instead of Product B? Can you make use of discounts, and can you purchase on price or brand name – questions like that.
Now consider the Wealthy and luxury research. You cannot ask the very same questions. Why did you get that Rolls Royce? Can you purchase your $20 million yacht on price or brand name? It just does not work. You need to go about a luxury survey another manner, and not so much carry out a customer survey, as carry out research into the purchasing habits of the wealthy.
That is why it is referred To as a 명품 luxury survey, rich survey or affluence research. In actuality, historical information would be of little use to you. Does it matter whether a specific subject purchased a specific luxury item this past year? It is not something you buy frequently, so trend analysis would be of little use to you unless a few specifics of their future intentions of the wealthy. Then you could spot trends and search out ways of making that sort of investigation work for your company.