Luxury consumers want the experience

Forget about products. According to a new study from the Consumer Research Center of The Conference Board, when it comes to luxury consumers it is the experience that counts, not the product.

by Kristina Knight

Researchers surveyed 1,800 affluent consumers in the United States, China, France, Germany, Italy, Japan and the United Kingdom. The respondents were in the top 25% of income brackets and over the age of 18.

Interestingly enough, they found that time is the most valued luxury item, followed by life experiences then comfort, beauty and quality.

What are a few of luxury consumers favorite things? Tech-related activities ranked first (roughly 75% of users). These activities include going online via a PC and using cell phones regularly. Coming in a close second was travel (60% of users). Luxury consumers want to go places, experience new cultures and events in style.

After traveling and being connected, luxury consumers are most interested in collecting worthwhile goods such as antiques and rare items (30%) and artwork (31%) and owning vacation homes (27%).

To appeal to these users online marketers simply need to upgrade their online appeal. Including the best of Web 2.0 - social features such as message boards and consumer reviews, online video and RSS Feeds - are a good place to begin. More users want to feel connected to their favorite brands and allowing them to connect with other users will increase that connection.