A recent survey identifies the reasons why people buy luxury goods and the terms which convey that value.
Published on December 11, 2017
A recent study by LG examined what factors led consumers to believe that a certain product was a "luxury" good.
LG Electronics recently conducted a survey of more than 1,000 households with incomes greater than $100,000 to find out what drove them to buy luxury items as well as the things they look for in determining what is luxury.
A key take away from the study is identifying the reasons why people buy luxury products. While people may often assume it's because luxury products are higher-quality, but that's not the only factor.
- For example, 46 percent of luxury Millennial consumers reported that they felt "superior" when purchasing luxury products.
- Now, more than ever before, luxury-identifying Americans value home kitchen appliances as a top category for creating a luxurious and sophisticated home environment.
- According to the LG SIGNATURE Modern Luxury Survey, tens of millions of affluent Americans most closely associate luxury with terms like "high quality" (47 percent), "expensive" (47 percent) and "exclusive" (42 percent).