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    Home Here is new potential customer segment for global luxury brands

Here is new potential customer segment for global luxury brands

May 20, 2020

The global luxury market is welcoming a new rich customer group: customers with high income but are not wealthy ones.
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The rising of a new customer group of people with high income but are not rich will open new opportunities for global luxury brands to cover this group. So what are the characteristics of this new customer segments?

 

A new potential customer segment for global luxury brands

 

The new customer group is not defined as the rich because even they have a high income, they tend to spend it all instead of saving or investing. With this financial characteristic, they are not deemed to be rich. However, this financial ability allows them to enjoy the life of the rich. They also have a civilized lifestyle, contribute greatly to many trends in our society and are willing to assert themselves through their lifestyle. They have buying behaviours that make many big brands want to see in their customers; thus, they will be a new potential customer segment for global luxury brands.

It seems that the rich are not willing to pay for luxury experiences, because they already experienced everything luxury. This is the reason many high-end fashion brands such as Channel, Louis Vuitton,…are focusing on the new customer group instead of focus solely on the rich.

 

They will be a new potential customer segment for global luxury brands / ph: Pexels@Davide De Giovanni

 

What are the characteristics of the group?

 

There are several characteristics belong to this customer group that will give hints for global luxury brands to take solutions to embrace them.

Finance: This customer group tends to save their money to buy a house, a car, insurance or save money in a bank to receive interest. They are always worried about their future and the saving money will help them to ensure the health and life quality.

Style: They have a style of “behave – believe – belong”, which means that they are independent and strong and have their own values.

Buying behaviour: They like to use “affordable luxury products”. Despite a high income, they are not spendthrift just because it is a luxury brand. Instead, they pay more attention to the product’s quality.

Health enthusiasts: They spend their time and money on health, considering health improvement an important thing in their lives.

Knowledge: These people with new thinking are willing to learn and experience.

Environment: They value the environment and want to contribute to environmental protection.

With all the characteristics of this potential customer segment, luxury brands will find it challenging to persuade these customers to spend on their products.

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