The Psychology of the Luxury Consumer
YouGov is one of the largest consumer research groups in the world. In this very special episode, we interview Cara David, Managing Partner responsible for the Affluent Perspective Global Study – YouGov’s comprehensive annual report into the affluent population and how they buy luxury items (among other things).
Specifically, we’ll focus on data they pulled together specifically for The Fashion Consumer related to the luxury fashion business. There was so much in here that you may have to listen a few times to get everything. But it’s certainly well worth doing.
Cara David of YouGov – one of the largest consumer research groups in the world – shares key luxury fashion business results from their most recent Affluent Perspective Global Study. Among the very many topics covered, we discuss the #1 reason why North Americans don’t buy more luxury and a very simple but seldom practiced way to make your luxury brand stand head and shoulders above the competition. Cara explains why more luxury is now bought on Amazon and a 6-point solution to build brand loyalty in a market where 60% of global consumers admit they just aren’t as loyal to their favorite brands as in the past. And, we’ll look at the damage chronic discounting has done to the luxury space… and how to fix it.