Luxury goods are in high demand and luxury malls have remained largely insulated from economic conditions thanks to their affluent client base.
These shoppers are bucking the trend in retail by visiting the mall more often and spending more money in each visit than the average shopper. They’re in malls because they know they can find the most variety and enjoy spending time there. Leading mall media provider, EYE (@EYE_OutofHome), has conducted a study to better understand the Luxury Shopper – their habits and preferences – as it relates to the luxury category.
Malls reach 92% of all US residents earning $100K+1. They plan on spending $1000+ accessories this year, from fine jewelry pieces and handbags to footwear. Luxury Shoppers visit the mall 3.9 times a month – 25% more times than the average shopper and they spend more in an average visit - $181 (vs $117 average consumer spend at the mall) to be exact. Almost a third spend upwards of $200.
Supreme quality is amongst the many reasons that Luxury Shoppers continue to spend. The marks of luxury make these shoppers feel special (39%), tasteful (38%) and fabulous (37%). Such emotions lead to purchases of luxury clothing, footwear, bath and beauty supplies, and more. These shoppers don’t just stop for Louis Vuitton, Cartier and Gucci, though. They also cater to their everyday beauty needs and household services, including lawn care and cleaning services. They treat themselves well, love to go on vacation and many are planning on purchasing a car in the next year.
The trends found in EYE’s survey affirm an ongoing trend. The global luxury market, including both luxury goods and experiences, will hit $1.5 trillion in 2012. In combination with print, digital and mobile, out-of- home ads give a multichannel campaign a better chance of not only reaching the target customer, but aspirationals who will buy into the brand as well. 63% of Luxury Shoppers also said they are open to accepting mobile content/offers in the mall. Learn more about our new Amplify by Eye mobile platform here.
“We have a presence in many upscale malls that cater to the Luxury Shopper,” says Carrie Fitzmaurice- Daly, VP of Sales at EYE. “Advertising at the mall places these premium brands top of mind with these consumers. Our survey found that over 80% of these Luxury Shoppers agreed that they can be influenced by backlit posters and/or banners when in the market for a luxury product/service.”
“EYE has been critical in helping drive traffic into our store!” says Edilbert C. Signey, Marketing & Communications Director, Lustre Precious Gems.
The 300 premium and luxury malls represented by EYE include: Santa Monica Place in Santa Monica,
California, Roosevelt Field in Garden City, NY, The Westchester in White Plains, NY, Garden State Plaza in Paramus, NJ, Copley Place in Boston, MA, The Falls in Miami, FL, Lennox Square in Atlanta, GA and The Houston Galleria in Texas.
Luxury shoppers are classified as those who have visited at least one EYE mall in the past month with a HHLD income of $100K+. This study was conducted with Toluna Inc.
For more information or a copy of the complete EYE Luxury Survey abstract, contact Andea Campbell, Marketing and Insights Executive, at andeacampbell@eyecorp.com
Sources: 1Scarborough; CSC; Financial Times; Luxury Daily