Luxury Goods are in High Demand

January 30, 2014 by BizTraffic Team

Woman Wearing Luxury GoodsThere’s no doubt the recent recession spurred the growth of flash sales sites like One Kings Lane, where luxury goods are available for a fraction of their original outlandish prices. Now that the economy has recovered, luxury products are still in demand, both at discounted and full retail prices.

Many small retailers are now targeting luxury consumers. After all, they have money to spend. But to attract luxury consumers requires staying on top of their changing tastes and demands.

Are you ready for the challenge? Here are some tips to help in marketing luxury goods to the luxury consumers who will buy them.

1. Luxury Consumers Spend Big Online

This is according to a study by Martini Media and comScore. If you want to capture their digital dollars, you need to invest in digital marketing.

According to Worldwide Business Research and ShopIgniter, 85 percent of luxury marketers increased their digital marketing spending in 2013, with social media accounting for 72 percent of the spend. In addition to marketing online and on social media (making sure you use visual platforms like Pinterest and Instagram), your website should be easy to navigate with high-quality photos and detailed product information.

2. They Care More About Product Than Buying Experience

Luxury shoppers are brand-conscious shoppers, so it’s important to highlight the cache of the brands you carry. They are also very trend sensitive, so be sure to promote new merchandise and exclusive offers.

3. They are On Track For New Shopping Habits

Last year’s hottest luxury products included aircraft, boats, recreational vehicles, televisions, luggage and housing-related goods (décor). The big news for this year—spending on jewelry and watches is on pace for the fastest growth in a decade.

If you can angle your capture the attention of the luxury market, you just might be on the road to a life of luxury yourself.

 

Photo Credit: dolgachov/iStock/Thinkstock