Why do people buy luxury items, a survey. Vocabulary related to luxury items

A survey took place to check why people buy luxury items. The results are given in this post. These results can be helpful to the budding startups in the luxury domain because the results are based on different customers' feedback. And, what is better than the customer's feedback provided for free.  

Here are the reasons why some people opt for luxury when other products carrying out the same functions are available at one-tenth of the price. 

The list is given in the decreasing order of the criteria that people check while buying a luxury or high-end products. 

People opt to buy Apple smartphones when other phones doing the same functions are available at one-tenth of the iPhone's price. 

Why do people buy luxury items, a survey. Vocabulary related to luxury items, why people prefer apple's iPhone and Louis Vuitton bags over other items, theory behind buying luxury

Some people tend to buy Louis Vuitton bags and Armani jackets when other similar fashion items are available at 1/20th of their price. 

Why is it so? 

The survey was conducted among luxury buyers to find out the prime reason to buy luxury. 

The report says, 

  • 88% of people buy luxury because it is a premium quality 
  • 82% of people buy luxury because it makes them feel happy and confident 
  • 75% by luxury because it is handmade 
  • 63% buy it because it is unique 
  • 56% by it to show off 

I believe that this list will help the budding entrepreneurs very much.

Through this list, you can find out whether the products you are going to sell are luxurious or not. Whether it fulfils any of the above criteria etc. 

Then you can also decide the cost of your merchandise, and determine the artisans' share from it. Good share for artisans equals great luxury. 

Vocabulary to explain the luxury 

Here is the list of words used to explain a luxury item. The characteristics that the luxury items must show are as follows.

  1. Durability 
  2. Scarcity 
  3. Prices  
  4. Story of founder vision
  5. Easy return if wrong 
  6. Customer service 
  7. Timeless 
  8. Artistic and creative
  9. Powerful 
  10. Discerning 
  11. Prestige 
  12. Sales executives are termed, lifestyle managers 
  13. Customers are termed as clients 
  14. Less is more, minimalism and cleanliness  
  15. Packaging 

If your products show these qualities, then your products will find their way into the luxury market 

Thank you.

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