How to appeal to the 2023 luxury consumer?

How to appeal to the 2023 luxury consumer?

Luxury still has a future in a world led by sustainability. Physical stores and magazines play an important role in this. These are the highlights from the fourth Roularta Luxury Survey among 3,487 magazine readers, revealed at the Sustainability in Luxury Seminar in Antwerp.

How do Roularta magazine readers* define luxury? Quality (62%) is placed at number one, followed by indulgence (54%) and exclusivity (40%). Compared to 2021, it's especially striking that the rating for indulgence has risen by a hefty 42%.

Research Manager Linda Scheerlinck: "This increase probably has to do with the effect of the pandemic on our lifestyle and priorities. Many people were forced to stay at home and faced stress and uncertainty. Therefore, they looked for indulgences to escape and relax."

Sustainable trend

COVID also had its effect on the purchasing behaviour of luxury consumers. 62% say they are buying more consciously and selectively since the pandemic. Consequently, 63% consider sustainable policies important in their purchasing choices, and 62% state that sustainability makes something a luxury product.

Scheerlinck: "The finding that 3 out of 4 respondents would rather buy one expensive fashion item than two cheaper ones supports this trend. Readers prefer quality over quantity and are willing to invest in products with a longer lifespan, which can reduce waste from fast fashion and other disposable products."

Tangible experiences remain key

While COVID has boosted online shopping in general, physical shops clearly remain the most important purchase point for luxury products - especially for cars, home & deco, jewellery and watches. While only 22% of readers have already made luxury purchases online, 78% have never done so.

Scheerlinck: "Before purchasing a luxury product, we usually want to be able to see, feel and experience it. Nevertheless, online shopping remains a growing trend that will likely continue to shape the luxury market."

Magazines mean business

After physical stores (68%), magazine articles (58%) and magazine ads (53%) turn out to be the most important discovery sites for new luxury items. The lowest scores, in turn, go to online forums (4%), blogs/websites (7%) and trade fairs/events (7%).

Scheerlinck: "Consumers value expert advice not only from shop staff, but also from magazine articles. Other channels are less valued because they do not reach the same level of expertise and authority."

The figures don't lie: as many as 7 in 10 respondents say they have already discovered new brands thanks to magazines, and 6 in 10 trust brands that advertise in their magazines. This is also reflected in their buying behaviour: 80% of magazine readers say they regularly buy luxury products.

Scheerlinck: "Readers feel a strong connection with their favourite magazines, and this positive association can transfer to the brands advertising in those magazines. Consequently, magazine advertising is a powerful tool to establish trust and credibility among readers."

For perfume and skincare brands in particular, magazines offer the perfect opportunity to appeal to new consumers. For example, 74% have already bought a new perfume and 67% got a new day cream after testing a magazine sample.

Discover the Luxury Impact Pack

At the Luxury Seminar, we also presented the brand new Luxury Impact Pack, a value-for-money offer for luxury advertisers to maximise impact and visibility - for instance by engaging luxury magazines as social media influencers.

Mireille De Braekeleer, National Sales Director: "With this pack, luxury brands get the opportunity to make their brand shine through impactful ad formats in print and digital. Investing in impactful formats is not only an opportunity to stand out from the competition, it also has a positive effect on brand reputation, loyalty and attracting new customers."

Want to learn more about the Luxury Survey or the Luxury Impact Pack? Contact Mireille or your regular contact at Roularta Advertising for more insights.

*Readers of the Roularta luxury magazines: Feeling/GAEL, Weekend Knack/Le Vif, Trends Style (NL/FR)