According to recent research from LoopMe, 70% of US consumers purchase at least one luxury good or apparel each year. A significant one-third of these shoppers spend $1,000 or more on luxury items.
Many shoppers see luxury shopping as a tactile experience, as 57% of consumers prefer purchasing luxury goods in-store rather than online. Despite the growing presence of major e-commerce platforms in the luxury space, 30% of consumers still choose to buy directly from brand-specific stores, with another 27% shopping through the department or secondary retailers.
“In recent years there have been social media trends and hashtags encouraging users to “treat yourself” or spend on “little luxuries”, and for the majority of US consumers it appears that investing in luxury goods is now a part of their annual shopping habits. With price and quality having major sway in decisions about these purchases, and with spending not only restricted to major sales events, brands should maintain an ‘always-on’ presence to continually build appeal, and acquire new customers,” commented Lisa Coffey, CRO, LoopMe.
Moreover, price and quality are leading considerations for luxury shoppers. Half of consumers ranked price as a top factor in their decision-making, closely followed by 47% who prioritise quality.
The study also found that purchasing luxury items is often a special occasion or achievement-driven choice for 54% of consumers. In comparison, others seek out sales (30%), make regular luxury purchases as part of their lifestyle (16%), or buy during the holiday season (13%) or when new collections drop (11%).