Luxury Market research is one of the most competitive and important part in the luxury goods industry. But in the recent, covid-19 -pandemic has hit this industry very hard. Luxury Brands are still struggling to reach their potential customers because most of the shops and malls are closed due to this pandemic.
Many luxury brands and companies have focused on the safety and health of the employees in the first months of the pandemic. But now they want to build their customer base again so they can survive in this competitive market.
Now let’s talk about what is luxury market research?
Luxury market research is a method to gather information about the target market and customers so companies and businesses can provide them the right product and services with better quality in the luxury product segment.
This blog explores how to conduct luxury market research to remain profitable and sustainable during this covid 19 pandemic.
Benefits of Luxury Products market research
Since luxury goods are not essential products, it is become very important to find the right target audience to make a luxury product successful in the market.
Companies know very well that the buyer of luxury products have a unique mindset. They are more financially strong and also able to spend a high amount of money if a luxury brand is popular.
Reasons to conduct luxury market research
- Understand how well is your product compared to others.
- To Gain insights into customers spending on luxury products.
- How visitors behave on luxury products websites.
- To decide the right price for your luxury product.
- To learn what marketing and advertising strategies to use for products to convenience the customers.
Methods to conduct Luxury Market Research
If you want to gain some valuable insights, your luxury market research must include primary and secondary information.
Primary market research is executed by collecting or analyzing the information that comes directly from the sources. But it can become difficult to collect primary information, especially in the luxury goods sector without the right primary research methods.
The most important primary research methods to use for luxury market research are:
1. Field Research:
Field research is a very popular method to collect information that focused observe, interacts and understand the behaviors of potential customers.
2. Focus Group
A Focus group is a group interview that involves a small number of demographically similar people. The reactions of these people are recorded whenever they are asked a specific question.
Focus groups can provide essential pieces of information if you are conducting market research for luxury brands.
3. Online Surveys
Online surveys are the best technique to gather information on potential customers of luxury brands. You can ask rating scale questions or matrix questions to make your survey interesting and better in comparison to your competitors.
You can also offer some amount of money as a reward to the person who is filling your survey.
These three methods in primary research can provide you a good amount of information about customers. Now let’s talk about secondary research and its methods.
Secondary research is conducted by collecting and analyzing the information from the existing and published sources. This method can provide you a powerful understanding of various data in luxury market research.
Examples of secondary information:
- Luxury Goods industry reports
- Case studies
- Statistical Data
- Market research reports
Secondary market research resources
In luxury market research you should focus on gathering data from existing resources. These resources will help you to understand the trends, market size, and impact of technology in the luxury goods industry.
Here are some of the secondary resources which are admissible to the luxury goods industry:
1. Luxury goods industry reports by authentic and popular websites:
You can get detailed and authentic industry reports from various websites like marketresearch.com. On these websites, you can get various information related to the luxury goods industry.
There are a number of reports available on the marketresearch website covering the reports like luxury apparel, shoes, watches, cosmetics, and many more.
2. Statistics of luxury goods
Statistics data are one of the most key factors in the luxury market research because this data provides information on market size, trends, market share, etc which can be very helpful throughout the luxury market research.
You can use the statista.com website for luxury goods market research. It will give you valuable insights and data that can be very helpful.
If you are also planning to hire a market research company for your luxury brand or company then Apelo consulting is best for you.
Our market research analysts will provide you the most important and valuable data which will help your brand to beat others in this competitive market.