Attitudes towards luxury purchases are changing. The cost of luxury goods continues to rise, opening up new questions and opportunities around second-hand luxury items, while the global recession has led many to reject overt displays of wealth as ostentatious. Almost overnight, what was once chic became crass.
As a behavioural insights practice, we help brands understand luxury market trends by first asking what luxury means to people today. We examine the different motivations for buying luxury, as well as the contextual shifts behind these attitudes. Using a blend of anthropology, psychology and behavioural analysis, we reveal the ways people really behave, exploring the consumer trends that are changing attitude towards luxury.
Our research into the Luxury watch market and the Bamford Watch Department revealed an increasing desire for the personal touch amongst HNWIs. As craft production was replaced by mass production, the personal input of the individual was all but lost. Bamford Watch Department responded by helping clients own a truly one-of-a-kind timepiece - whether it’s Snoopy’s face on a Rolex or a Patek Philippe with a carbon coating. As George Bamford explains, “we are all striving to find that true luxury item in a mass-market world… And I feel that personalisation of mass-market products is one way to find that item.”
Alongside our ethnographic research, we use a combination of bespoke behavioural analysis, industry-insider commentary and quantitative research to deliver insights that are essential for successful engagement with the luxury market. We have used this lens to help brands like Wolford and Estee Lauder gain a deeper understanding of its audience and their values. From the emerging trend of Athleisure wear to the growing aspiration of the ‘no make-up, no effort’ look, our research has helped to inform future communication strategies and new product developments across the luxury sector.