For one, you track emerging trends to stay competitive. Our State of Luxury report puts together five of the most important trends that govern modern luxury consumption today.
Next, you understand luxury consumer demographics and psychographics to help you better understand the profiles of your customers. With that in mind, we’ve put together the demographics and psychographics of the ‘new’ luxury consumer from 2021 and beyond.
And last (but not least), in order to stay relevant, you take into the psychology of your luxury customers. This is the best way to remain customer-centric in a luxury market governed by emotions, hedonic impulses, and subconscious decision-making.
It’s about discovering the why behind the buy.
Luxury consumer behavior: Discovering the why behind the buy
At Crobox, we are obsessed with consumer psychology. After winning 1st place in the LVMH Innovation Award in July 2020, it became imperative for us to unpack the state of the luxury market to see how we could help brands understand their shoppers better.
We wanted to get to the bottom of luxury consumption by asking:
Who is the typical luxury consumer?
What behaviors do they display while shopping online and off?
What types of luxury consumers are there?
From the lens of consumer psychology, we studied three psychological processes behind luxury consumer behavior. These theories have been researched and discussed by psychologists and retailers alike, yet our report does something different.
By analyzing the state of the luxury market, we set our own research against the backdrop of these disruptive trends, segments, and behaviors.
To see what we’ve come up with, download the report for free! By downloading our report you will:
Learn to navigate the modern luxury market
Understand the emerging trends in luxury
Get to know your luxury shoppers on a demographic and psychographic level
Get to know the mindset of your luxury shoppers from a psychological perspective
See examples of how leading luxury brands are disrupting the market
Collect the tools to generate a better understanding of who the luxury consumer is