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Internet Comes Of Age For Luxury Shoppers.
A Report today by Luxury retail analyst Unity Marketing says that luxury consumers prefer the Internet for shopping, because it is easy and convenient.
Out of 15 luxury product categories Unity listed, consumers chose 11 categories they favor for shopping online.
In the wider scheme of retail shopping however, the Internet only accounts for a fraction of the total. The figure has been growing each year since 1997, and accounted for $230 billion in 2004.
"For most retailers the luxury consumer segment represents their marketing ‘sweet spot,’" said Pam Danziger, president of Unity. "They shop more frequently and spend more money when they shop."
Danziger said that --at the very least-- half of luxury consumers planned to buy gifts online in 2005.
Fully 82 percent of luxury consumers agree with this statement: Internet shopping has made shopping easier for me. Some 78 percent agree that the Internet: Lets me find exactly what I want at the right price without a lot of hassles.
The ability to compare prices was the No.1 point valued by luxury consumers, and is also one of the most important elements across all consumer segments as well from independent studies by AOL, comScore, and Forrester Research.
Unity queried some 1,200 consumers with an average income of $142,000 and an average age of 43 years. Of the group surveyed, Unity said 94 percent used the Internet to buy products during the third quarter of 2005.
Other findings report:
* 43 percent researched a product and made the purchase in-store.
* 35 percent browsed the product in-store and bought online at a later date.
* 20 percent researched the product online and ordered it by calling the store.
* 67 percent use the Internet to compare prices.
