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Luxury v2
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Polestar's quick look at the world of luxury brands and how they engage with consumers
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Luxury v2
- 08 th June 2010 The Luxury Market & Consumer
- Work-Orientated and Time-Poor Compared to all AB adults, they are very focussed on their career and the world of business. Having an international business perspective is important to them and they aim to get to the very top of their career. They are more likely to use smart phones such as iPhone and Blackberry . They like to follow the stock market and tend to read the financial pages of their newspaper and think the economy is more important than the environment They tend to use their credit cards mainly for business. They say they don’t have enough time for their family.
- Quality and the Finer Things They consider themselves in-the-know and say they are the first amongst their friends to know what’s going on. They like taking risks and spend money without thinking. They are prepared to pay more for quality wine as well as luxury cosmetics and toiletries. They say they consider themselves connoisseurs of wine . There are some luxuries that they just cannot do without. Needless to say, they like to stand out from the crowd!
- Image Conscious They think it’s important to look attractive to the opposite sex and like to be well dressed. Designer labels are considered to improve a person’s image. When it comes to advertising , they like it to be entertaining and 60% of them say they refer to the internet before making a purchase.
- Gender Split: Top Brands by Category Gin, Vodka, Champagne and Liqueurs are fairly evenly split but the Whiskeys, and Brandies are very male Source: TGI Premier 2009, All data on this chart only, based on all AB Adults 20+
- Appendix
- Magazines
Notes de l'éditeur
- Product integrity is important (e.g Burberry actually didn’t suffer) - Burberry NEVER suffered from the chav thing (balance sheet) BECAUSE they maintained product integrity via Chris Bailey’s designs
- Logic – business has got to be the best in market – distribution needs to be best in market, have the best quality suppliers, point of sale standards extremely high, technical superiority – etc. Magic – harder to define how this is attained, can come largely from product and brand stories, the company it keeps etc. 0
- Logic point at end: e.g. Sailing / skiing gear worn by world’s best sailors and skiiers / Quality is paramount Move from a niche offering to a broader one without losing product/brand integrity
- (‘Selfridges-appeal’ the premium megastore) More contemporary than Prada’s classic offering High end Fast fashion offered via Miu Miu rather than dilute Prada’s integral brand values Younger, flirtier, more approachable brand
- New store openings using cutting edge architects to create a store ‘experience’ that is vastly different from the traditional maroquinerie stores in Italy Reflects brand values of contemporary design
- Just because they are a brand with a century of heritage, doesn’t mean they can’t step into the mass trends area in consumer purchasing habits One –off online auction to sell off ‘samples’ from current collection Used Ebay style auction approach but given exclusivity of items it reinforced, rather than undermined, the brand’s premium-ness Adopting current consumer trends without compromising their brand positioning.
- Trends presentation Stores are offering this bespoke, indulgent shopping experience to consumers because they are shopping for luxury online and therefore the maison is a go-to destination not just a store to browse as they can browse items online.
- Consumer feels like they’re buying into a rare product – emotional connection by enhancing the magic Smythson,
- Use an axis and state – terminology from their research
- The Know group is more valuable to BB&R than the Show group – advocacy, long term use vs. fashion
- Need to take an increasingly international Business Perspective on Business 276 Want to get to the very top of my career 255 I often notice adverts on taxis 222 I follow the stock market 219 I use my credit cards mostly for business 203 I read the financial pages of my newspaper 194 I never have enough time for my family 181 First amongst friends to know what’s going on 175 I like taking risks 174 Economy is more important than the Environment 173 I tend to spend money without thinking 172 Prepared to spend more for good quality of wine 169 Like to stand out from the crowd 150 When it comes to wine, I consider myself a bit of a connoisseur 143 Prepared to pay more for luxury cosmetics and toiletries 168 Some luxuries I can’t do without 117 Advertising should be entertaining 121 Imp to look attractive to the opp sex 141 Designer labels improve a person’s image 150 Imp to look well dressed 139 Refer to the internet before making a purchase 121
- Need to take an increasingly international Business Perspective on Business 276 Want to get to the very top of my career 255 I often notice adverts on taxis 222 I follow the stock market 219 I use my credit cards mostly for business 203 I read the financial pages of my newspaper 194 I never have enough time for my family 181 First amongst friends to know what’s going on 175 I like taking risks 174 Economy is more important than the Environment 173 I tend to spend money without thinking 172 Prepared to spend more for good quality of wine 169 Like to stand out from the crowd 150 When it comes to wine, I consider myself a bit of a connoisseur 143 Prepared to pay more for luxury cosmetics and toiletries 168 Some luxuries I can’t do without 117 Advertising should be entertaining 121 Imp to look attractive to the opp sex 141 Designer labels improve a person’s image 150 Imp to look well dressed 139 Refer to the internet before making a purchase 121
- Need to take an increasingly international Business Perspective on Business 276 Want to get to the very top of my career 255 I often notice adverts on taxis 222 I follow the stock market 219 I use my credit cards mostly for business 203 I read the financial pages of my newspaper 194 I never have enough time for my family 181 First amongst friends to know what’s going on 175 I like taking risks 174 Economy is more important than the Environment 173 I tend to spend money without thinking 172 Prepared to spend more for good quality of wine 169 Like to stand out from the crowd 150 When it comes to wine, I consider myself a bit of a connoisseur 143 Prepared to pay more for luxury cosmetics and toiletries 168 Some luxuries I can’t do without 117 Advertising should be entertaining 121 Imp to look attractive to the opp sex 141 Designer labels improve a person’s image 150 Imp to look well dressed 139 Refer to the internet before making a purchase 121
- Bvlgari 1873 Breitling 1022 Swatch 401 Tag Heuer 330 Rolex 274 Rotary 264 Lorus 225 Omega 225
- Gin Brands: Tanqueray, Bombay Sapphire, Beefeater, Hendricks, Gordon’s Champagne: Taittinger, Heidsieck Co & Monopole, Laurent Perrier, Pommerey, Nicolas Feuillatte Liqueur Brands: Chartreuse, Benedictine, Amarula Cream, Disaronno, Bailey’s, Cointreau Vodka: Flavoured Smirnoff, Finlandia Vodka, Smirnoff black label, Stolichnaya Scotch Whiskey: Bailie Nicol Jarvie, Teacher’s, JW Red Label, JW Black Label Malt whiskey: Oban, Lagavulin, Laphroaig, Cardhu, Glen Moray, The Balvenie Brandy/Cognac/Armagnac: Hine, Martell, Remy Martin
- They use the internet for shopping, information & to make life easier as they are quite time-poor FT Online 591 The Sun 390 The Independent Online 345 Economist Online 330 Visiting Sites on Share Prices or Dealings/Investments/ 324 Visiting Sites on Business Info 319 Telegraph.co.uk 294 Times Online 291 Buying Gardening Eqip 246 Visiting Sites on Magazines 242 Sites Visited: Reuters 227 Sites Visited: Apple 207 Buying Flowers 206 Expedia 168 Regularly Visiting Amazon 136 Buying Books 123 Buying Music 173 Buying beer/Spirits/Wine 185 Reg visiting sports sites 176 Visiting Travel Websites 127 regularly visit news websites (exc newspapers) – [154]
- i.e. Those able to buy into Luxury brands in the first place are still buying; those who were stretching themselves to buy into Luxury have stopped Conde Nast Trend Report, taken from GQ presentation. Quant survey, 1500 ABC1 Men aged 15-49 Autumn 2009 plus telephone interviews
- Retain core values in everything you do Further stretches require whole new diffusion/new brands/segmented brands Operate at the extremes of Logic & Magic Technical brilliance in performance Confer status via brand ‘specialness’ Consumers want a story to tell others, products that say something about them Partnerships: deploying low-cost models of reaching HVCs with something new and richer The BB&R audience is valuable They are knowledgeable and they are advocates (of food & drink) They won’t or can’t do without Luxuries Career focused, frequent travellers, commuters – time is precious They ‘live’ online The recession has affected their attitudes more than their behaviour Still spending, just thinking twice about it first – and then buying it anyway
- They are light TV and Radio consumers. The radio they listen to is mainly the BBC. They are not very likely to notice adverts in pubs/clubs/bar, washrooms, on buses.
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