LONDON, Dec. 19, 2016 /PRNewswire/ --
Summary
Even though the highest share of respondents purchased luxury brand items from retail stores operating in their home countries, customers confirmed that offering products at discounted and duty-free prices will definitely motivate them to shop when they are traveling abroad. Similarly, expanding the e-commerce portfolio of products will drive customers to also purchase luxury items online. Moreover, growth in luxury items is gradually shifting towards emerging markets across all product categories. As a result, luxury brand companies are taking advantage of evolving technological and consumer demands to identify factors driving the purchase of luxury items from international locations, and also to help boost profits and remain competitive.
Key Findings
- The majority of respondents were more likely to buy clothing from Ralph Lauren/Polo and Victoria's Secret brands
- The highest percentage of respondents bought luggage and leather goods products from Tumi and Louis Vuitton
- Estee Lauder, Qeelin, and Volcom products were mostly bought from department stores in the home country (where the executives reside)
- Regardless of gender, Adidas is the most popular brand for respondents, and is mainly bought from brand stores in their home country
- Availability at discounted/sale price is the key motivating factor for respondents to purchase items from the luxury brands
Synopsis
Conlumino's Retail Industry Luxury Trends Survey 2015-2016 report examines luxury retail spending habits over the past 12 months and highlights key factors influencing customers' purchasing preferences for luxury brands and the channels through which they purchase these brands. It also analyzes customer spending patterns towards luxury brand categories, the impetus behind purchasing these luxury brands, and the reasons for purchasing these brands abroad. Additionally, it provides information categorized by gender, age, and annual income.
What else does this report offer?
- Preferred channels for purchase: highlights respondents' list of luxury brands purchased over the last 12 months through various channels
- Favorite luxury product range: examines respondents' luxury product range purchased under selected brands
- Expenditure: analyzes average expenditure on luxury brand product categories purchased by respondents last year
- Key motivational factors: identifies key motivational factors influencing respondents to purchase luxury brands
- Popular regions for purchase: provides information about popular regions selected by respondents for purchasing their favorite luxury brands
- Preferred countries for purchase: determines respondents' preferred countries for purchasing luxury products over the last 12 months
- Reasons for purchase from international locations: evaluates key factors driving the purchase of luxury items from international locations
Reasons To Buy
- Highlights trends that will impact luxury retail future prospects and help retail operators to realign business strategy
- Assist in the development or adjustment of business expansion plans by providing information about the popular brands, preferred sales channels, and favorite overseas locations selected by customers for purchasing luxury brands last year
- Helps retail companies to overcome obstacles in sales by demonstrating key motivational factors influencing customers to purchase luxury brands
- Highlights the growth prospects of luxury brands across various product categories, which will allow retail operators to boost revenues by focusing on select products
Download the full report: https://www.reportbuyer.com/product/3467281/
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