Types of Affluent Luxury Personalities

Luxury is exceptional products being consumed by exceptional people. But how does a brand appeal to these exceptional people? The trick lies in understanding the driving force of the strong desire luxury purchasers experience. The need for luxury products varies from consumer to consumer. Recognition of the same is what brands do, to build a strong message to reach their buyers.

An affluent luxury personality is a wealthy individual who has a strong but differential motivational urge and varied buying pattern of luxury goods and services. Social-adaptive motivation and self-actualisation are major drivers of a luxury purchase. Each type of luxury personality has a different purchase motivation and brands need to craft customised messages to reach them individually. There are three major types of affluent luxury personalities:

1. Trendsetters: The Impulse Buyers

This type is accustomed to social trends and popular media like social media, red carpet events, magazines, movies, shows, etc. They are the first ones to catch up on a new trend in the luxury market. Their purchases are heavily influenced by the hottest trends and validation from the media, influencers, friends and their respective social circles. Once the validation comes through, they go on a buying spree and heavily invest in these trends. They mostly buy fashion, followed by spirits, auto and travel.

How must brands reach them? Brands must provide early communication to such buyers and must invest in influencer marketing campaigns. It is imperative to make them feel like they are the first ones to be on the trend train.

Brands like Gucci, Louis Vuitton and Versace heavily cater to these trend setters.

2. Winners: The Self-rewarding Buyers

This group buy luxury products as a reward for themselves or their close family and friends for accomplishments that are personal or professional in nature. Their purchases are usually well-researched and thoughtful. Most times, they carefully research the product they want to buy and work towards not only buying it but earning it. A lot of time and thought is put to this self-rewarding purchase.

How must brands reach them? The focal point of such communication must be to build an aspirational value. Brands must convey “the dream” and fuel the aspirations of such a buyer. Portraying an exceptional brand image and a one that isn’t easily obtainable is key to attracting such buyers.

Rolex, Dom Pérignon and Mont Blanc have successfully established themselves as aspirational for these winners.

3. Connoisseurs: The Knowledgeable Buyers

‘Connoisseurs’ French for experts, are buyers with great knowledge and excellent discerning abilities. Their buying patterns are deliberate and well-researched and greatly focus on quality, craftsmanship, construction, value and history. They are not only admirers but also collectors and buying connoisseurs. As collectors, they develop affinity to certain product categories such as cigars, liquor, art, etc.

How must brands reach them? This form of communication must emphasize on the product itself. Overtly informing these buyers about the craftsmanship, construction and value of the products is key. Focusing on the product or service’s experience and unparalleled aesthetic is the way to reach the connoisseurs.

Some brands that associate to such connoisseurs are Goyard, Puirforcat and Krug.

This consumer-behaviour based segmentation helps brands build their focal point of communication and develop apt strategies to reach their respective buyers.