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Whilst buying luxury products has always been about the experience that surrounds the purchase, a new wave of affluent customers has moved online. A growing number of luxury brands are now moving their well-known personal approach to the ever expanding ecommerce market.
This could be due to the fact that affluent consumers now spend more time online. Ipsos Media CT found that consumers in the US with a household income of more that 100,000 per annum time online increased by one quarter from 2011 to 2013. This is an increase from 32.8 hours a week to 41.6 hours per week.
Skip Brand, CEO of Martini Media, an affluents focused digital advertising and content platform provider believes, “These people who use online resources to save time. And they will spend money to save time.” Martini Media also reported that the average spending on luxury sites was up 20% in 2013.
American Express Publishing and Harrison Group found in a Q1 2013 survey that 48% of US households with an income of more than $100,000 discovered new luxury items whilst shopping online. This is almost equal to the 50% who discovered new products in-store.
A study from Luxury Institute in April 2013 that focused on multi-channel purchasing habits of US internet users of incomes of $150,000, showed 48% of sourced information about luxury fashion from a computer.
Whilst only a quarter purchased online, 72% stated they went to stores to get information and 62% would go to the store to purchase the item. This could be down to the reason, the fact that in limited- edition merchandise consumers prefer to touch and feel the product.
A new eMarketer report titled “The Luxury Consumer: Shoppers Lead Brands to Digital Channels”, states that whilst retailers initially felt apprehensive about ecommerce for their products the development of the market have moved them towards a greater presence online. The full report also answers these key questions:
This report is available to eMarketer corporate subscription clients only. eMarketer clients, Read more …