Results of a recent study reveal that wealthy women shop for cosmetics differently than the average consumer. New York-based global luxury research provider, Luxury Institute, conducted the study to examine the buying practices of affluent women and found their beauty shopping habits “exceptional.”
Luxury Institute surveyed all participants about buying apparel, shoes, accessories, jewelry and watches. However, only wealthy women were questioned on the topics of beauty products and handbags. Results of the study include responses from women earning an average annual income of $289,000, with a total net worth of $2.9 million.
Cosmetic Buying Habits of Affluent Women Revealed
The survey found that women in this consumer group rely heavily on the in-store experience to make purchase decisions. However, findings showed the vast majority of these shoppers would prefer not to have the advice of sales staff.
Only “one-fifth (19%) of wealthy women prefer to learn about products in-store with a sales associate’s help,” noted Luxury Institute.
This is significantly less than the 29% of all cosmetics shoppers who do value the assistance and recommendations offered by sales associates.
“For wealthy women, visiting stores and looking at displays without help is the best method of finding out about new products in all luxury categories,” concluded Luxury Institute.
Just because affluent women don’t want help choosing cosmetics, doesn’t mean the sales staff isn’t able to add value to their overall shopping experience.
“With multiple points of information, wealthy consumers have become very savvy shoppers, but our findings show that brands and retailers should not underestimate the potential for sales associates to influence and drive purchase decisions,” says Luxury Institute CEO, Milton Pedraza.
Emotional Engagement is Key
Brand Keys conducted a similar survey a couple of years back. Its 2013 Customer Loyalty Engagement Index (CLEI) found that “brand,” “personal identity” and “character” held the most clout with consumers. The company noted that consumers shopping for luxury cosmetics prefer to shop with a specific brand that can meet their expectations, rather than buying comparable items based on price. Marketers are tasked with creating an emotional experience for luxury customers and truly engaging them, so they become repeat customers.
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