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ONE INTERESTING OBSERVATION SERIES DAY #16 Luxury goods consumers worldwide fall into five dominant groups, based on their motivations, profiles, values in luxury items, purchase reasoning, and age group. 1) Going Global: People in this group don't know much about what each brand stands for. They decide to buy international brands because their friends do. 2) Look at me: As some people make more money, they often buy fancy luxury items because they see ads online that make them think it shows how rich and important they are. 3) Fitting in: This group of consumers likes to buy expensive things because it's trendy and makes them feel like they fit in. 4) Quality first: Educated consumers who prioritise craftsmanship and uniqueness in luxury items, who pick what's best for them doing their own research. 5)Better good: Environmentally and socially conscious consumers who seek luxury products from sustainable, inclusive brands with ethical credentials, a trend boosted by COVID.
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