Luxury Buyer Persona Insights [PDF]

Zitiervorschau

Luxury Personas

Methodology

Survey

Sample

Online survey fielded via LinkedIn platform from November 15 – 30, 2014

498 LinkedIn members In Hong Kong and Singapore

Criteria Respondents People who buy luxury products

2

Anna – The Aspirational

Aspirations on LinkedIn… Are individual contributors who sit in industries such as: Banking, insurance, financial services, investment banking, accounting, investment mgmt., commercial real estate, Law practice, legal service, mgmt., consulting, PR & communications

…and they’re engaged on the platform

Source: LinkedIn Internal Data, January 2015

1.7X more

27% more

connected

engaged with content

19% more likely

71% access

to view content

LinkedIn via a mobile

4

Anna is a young but professional. She’s highly ambitious and works in the legal industry. She indulges in luxury products and uses professional successes to reward herself with luxury products LinkedIn luxury study, Q4 2014

For Anna, love, knowledge and having a good work-life balance are the main contributors to her happiness. She values sophistication and contemporary luxury brands and spends on average $4,000 annually on such brands LinkedIn luxury study, Q4 2014

Anna sees high quality as the main feature of a luxury product Features Aspirationals associate with a luxury product

83% 71% 54% 38%

High quality

LinkedIn luxury study, Q4 2014

High price

International brand

A unique product

She likes to treat herself with clothes/shoes and watches….. Types of products aspirationals buy

65%

61%

61% 40%

26%

LinkedIn luxury study, Q4 2014

24%

….And prefers to research products by seeing/touching/feeling them in Places where Aspirtaional look for information about luxury the store products 62%

In a store

She also prefers to purchase from the store itself, but is open to purchasing online too

89% of Aspirationals choose to purchase luxury products at a store

51%

Online news publications

48%

Fashion magazines

Seek advice from friends and colleagues

39%

Social Media

38%

Fashion blogs

62% say they purchase when they are outside of their home country – wither while on holiday or travelling for business

36% purchase luxury products online

28% LinkedIn luxury study, Q4 2014

For Anna and other Aspirationals, one of main triggers for luxury purchases is professional achievements

50

%

Purchase luxury products after a raise/bonus at work, receiving a promotion or changing jobs LinkedIn luxury study, Q4 2014

And these triggers can be further enhanced when they receive inspiring luxury content such as…… New product information

67%

Product/services reviews and comparisons

56%

Events or promotions

49%

LinkedIn luxury study, Q4 2014

Tim – The Travelista

Travelista’s on LinkedIn… Are Directors+ who are business travelers

…and they’re an extremely active audience

Source: LinkedIn Internal Data, January 2015

6.9x more connected

5X more engaged

305% more likely

74% access

to view content

LinkedIn via a mobile

with content

13

Tim is a director at a wealth management firm. He travels regularly for business and he’s always connected

Tim deems luxury products more as a “nice to have”. He has a couple of luxury watches, likes to buy expensive clothes, shoes and owns a holiday home. Tim isn't influenced by what other people say about a product. He buys luxury products based on how he feels about the product/brand. LinkedIn luxury study, Q4 2014

Travelista’s like Tim spend big on luxury…..

$8,000 is the average annual spend on luxury goods and services by Travelista’s

LinkedIn luxury study, Q4 2014

Professional wins are not as much of a trigger for Traveista’s to purchase luxury….

69% say birthdays or anniversary’s are the main trigger for them

LinkedIn luxury study, Q4 2014

Like Aspirationals, Travelista’s prefer to conduct luxury product research in the store, but they also look to fashion magazines.. 56%

LinkedIn luxury study, Q4 2014

Types of products Travelista’s buy

53%

47%

39%

33%

They’re far more likely than the average luxury consumer to purchase at airports or when they’re holidaying in a different country 83%

In a store In a diffrent country when travelling for business

61%

Airport when travelling for business

58%

In a different country when travelling for leisure

53% 44%

Online Airport when travelling for leisure

42% LinkedIn luxury study, Q4 2014

They’re inspired by luxury content such as product reviews and information on launches 69%

Product reviews

67%

New product/brand launches

53%

Events or promotions

Topics and themes affecting the industry

28%

Company news and current events

28%

LinkedIn luxury study, Q4 2014

Henry – The High Net Worth Individual

High Net Worth Individuals on LinkedIn… Are Directors+ who are business travelers who work in the following industries: Banking, insurance, financial services, investment banking, accounting, venture capital and private equity, commercial real estate, capital markets, legal services and management consulting

…and they’re active on the platform

connected

38% more likely to engage with content

48% more likely

70% access

to view content

LinkedIn via a mobile

3x more

Source: LinkedIn Internal Data, January 2015

22

Henry is the managing director of Managing Consultant company.

Henry owns a few expensive watches, likes to buy luxury clothes and indeed cars.

He looks for brands which portray heritage and tradition, and despite his elevated status looks for detailed information before purchasing

LinkedIn luxury study, Q4 2014

When doing research on luxury products, Henry goes to the store where he can see/feel/touch the product… …and primarily purchases in a store too

When he chooses to purchase a luxury product he does so

57% of HNWI’s research luxury products in the store 90% say they purchase in the store itself

38% say they buy luxury products based on their intuition LinkedIn luxury study, Q4 2014

Quality and high price are the features that most define a luxury product for Henry

High quality

84%

High price

62%

A unique product

43%

International brand

41%

LinkedIn luxury study, Q4 2014

HNWI’s have big budgets when it comes to luxury products

$13,000 is their average annual luxury spend

LinkedIn luxury study, Q4 2014

Clothes and watched are the main luxury products HNWI’s purchase

Clothing/shoes

82%

Watches

68%

Bags

54%

Beauty/personal grooming products

44%

Cars

34%

Cars

34%

Luggage

32%

Alex – Alpha

Alpha’s on LinkedIn… Are managers+ who work in the following industries: Banking, insurance, financial services, investment banking, investment management, accounting, venture capital and private equity, commercial real estate, capital markets, law practice, legal services, mgmt. consulting, PR & communications

…and they’re a very active audience

connected

34% more engaged with content

31% more likely

71% access

to view content

LinkedIn via a mobile

2.5x more

Source: LinkedIn Internal Data, January 2015

30

Alex is a partner in an international legal firm. She specializes in commercial and insurance litigation.

On average, Alex spends $8000 a year on luxury products. She buys luxury products because of how they make her feel and needs to have detailed information before purchasing. She values elegance and sophistication and is most attracted to brands which portray heritage/tradition LinkedIn luxury study, Q4 2014

Quality, price and uniqueness are features that Alpha’ associate with luxury brands

High Quality

81%

High Price

62%

International brand

45%

A unique product

43%

LinkedIn luxury study, Q4 2014

Types of luxury products bought

76%

66%

59% 40%

Watches, clothes, and bags are their favourite luxury purchases

LinkedIn luxury study, Q4 2014

Alpha’s research luxury products:

1. In a store (59%) 2. Fashion magazines (47%) 3. Online news publications (40%) 4. Get advice from Family/colleagues (32%)

and prefer to make the purchase….

1. In a store (90%) 2. In a different country when traveling for business/leisure (71%) 3. At the airport (50%) 4. Online (29%)

LinkedIn luxury study, Q4 2014

They look for content such as new product lunches and product reviews to help them make their purchase decisions

New product/brand launches

69%

Product reviews/comparisons

63%

Events or promotions

55%

Topics and themes affecting the industry

32% LinkedIn luxury study, Q4 2014

Key Findings and Recommendations •

In general luxury consumers are very focused on what they will gain and how it will benefit them in their lives. They are confident in their own judgement and not concerned about making mistakes. • Communications need to be focused on what they will achieve or acquire and not what they will avoid or eliminate by buying the product.

•

They first gather information about the items that they are considering and then make their own decision – no snap, spontaneous decisions. Very calculated.

•

Important to highlight details about the product that confirm its luxury status and differentiate it from the mass market. • Communications should include make reference to a number of specific

Key Findings and Recommendations •

Feel (and other emotions) are more important than appearance of a product. • It is very important that communications give luxury goods consumers a very clear sense of what the physical interaction with the product will be like and the positive feelings that they will experience when they own it.

•

For luxury goods, the history of the product and the traditional values that it upholds are very important in the buying decision • Whilst it is also necessary to make these relevant to the present day and the consumer’s current lifestyle. • Future innovation is of less of a draw. Clients need to reference a product’s heritage and long standing standards / values within a