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Researching Luxury Markets

Luxury market research sounds a lot easier than it is, and while general market research utilizes many well tried and tested techniques, most of these do not apply to wealthy consumers and the products they purchase. When you are researching a luxury market there is often little point in carrying a survey of the general population, because the results will be wrongly weighted.

That is because luxury products are not generally the domain of ordinary people, and those that regularly participate in online or even offline market surveys are not the consumers that will normally purchase luxury products. Sure, they will buy the occasional one or two - maybe as an anniversary present or for a special occasion, but not generally. The wealthy regard what you and I look upon as luxuries for special occasions as commonplace, everyday purchases.

The Power of Market Research

In fact, many wealthy people appreciate the power of market research in motivating businesses to develop better products and fill in all these gaps in the market. They will answer questions and offer their opinion on the quality of certain luxury goods and why they buy what they do. However, they are fussy about who they say it to, and if you decided to carry out a survey of luxury markets tomorrow you would find it extremely difficult to begin.

As explained, that's not because they don't participate in surveys, but more because they don't participate in surveys with you! They don't do online surveys, and are not in the slightest interested in the goodies offered for completing them. They participate because they appreciate that what's in it for them is not so much the freebies, but an improved product or a new service they haven't been able to find.

Priceless Information

Knowing why the wealthy make the decisions they do is priceless information, and those businesses that are based totally upon luxury items can base their entire future marketing strategy on information such as this. That is why those marketing companies with lists of wealthy consumers willing to cooperate in market research, particularly in the luxury markets, are so essential to such firms. How does such information help you?

• It can help you understand their opinion on the current marketing situation and also what they expect over the immediate future. You can use their forecasts when planning your own marketing strategy.

• If you can establish their planned spending over the coming year in terms of your product range, then you can use that as guide to make sure you are in a position to meet their needs.

• Rather than try to judge their future expenditure and buying habits from historical data, you can use their own projections for the future to give you a significantly more accurate estimate.

• With information obtained directly from your potential customers you will be in a better position to meet their needs at the right time, and so likely be ahead of your competition when it counts.

Researching luxury markets is a job for a specialist company that has built a list of wealthy people interested in providing the information required so that their own needs will be more accurately and completely fulfilled.
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