Luxury Market Research provides opportunities for growth
Given our experience with luxury brand project recruitment, we recommend the following methods:
Choose a supplier with a “personal network of these respondents” that has been cultivated over many years
Do not go to traditional panels, as it is hard to confirm if the respondent has actually purchased more than $10,000 of the luxury brand in question
Examples of Screening Criteria for Luxury Brand Purchasers:
The volume of purchases made in the past year
The use of Personal Shoppers
The psychological degree that they want to identify with luxury brands
Lifestyles, e.g. high-end travel, high-end dining, etc.
Examples of Venues for Luxury Brand Research
At SIS, we have found that luxury brand purchasers feel more comfortable at a lunch, dinner, country club, or an upscale venue to discuss their views of the brands.
The Sample Size to yield a 90 – 95% confidence level in the data
In Luxury Brand research, it is important to note that the quality of the data is more important than the sample size. Qualitative research can yield rich insights as to the consumers’ perceptions of new products and competitor brands. Quantitative research is best conducted in a Face-to-Face setting, or with telephone recruitment to an online survey with a database that contains qualified respondents.