Report: Luxury consumers becoming more discerning

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Report: Luxury consumers becoming more discerning

December 03, 2008

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London--Today's luxury consumers are looking for more than just a label, a new report by London-based diamond giant De Beers Group shows.

Conducted by Ledbury Research on behalf of De Beers, the study, called "Luxury: Considered," shows that globally, the luxury industry, along with non-governmental organizations and consumer behavior experts, are seeing:

--Increasing scrutiny of product quality, authenticity and value.
--A greater appreciation for craftsmanship.
--A renewed call for a deeper brand experience.
--A heightened awareness of social and environmental responsibility.

The report also shows that while the wealthy in emerging markets are still driven primarily by status and prestige when buying, their purchasing patterns are evolving due to the influence of their Western counterparts.

"In uncertain times, we see signs that luxury consumers typically gravitate toward quality, toward fewer but better things that represent genuine value and deliver on a promise that endures over a lifetime. This dynamic shift will have a lasting impact on the way luxury companies do business," De Beers Group Executive Director Stephen Lussier said in a media release. "This is particularly relevant to De Beers Group because we believe diamonds occupy a unique role in this new reality. The value of diamonds endures--they are crafted with skills acquired over generations, are savored over a lifetime and can be worn and enjoyed season after season."

The report suggest that, heading into 2009, luxury retailers need to create a market for more high-end, high-experience products; understand that product sourcing and supply chains will come under increasing scrutiny; and the brands that will succeed are those that can respond to the demands of the new consumer.

"Luxury: Considered" is based on a series of 21 interviews conducted in the third quarter of 2008 with some of the world's leaders in luxury, including Tiffany and Co. CEO Michael Kowalski, Council for Responsible Jewellery Practices CEO Michael Rae and Pamela Caillens, corporate responsibility director for Cartier.

Secondary research on the luxury sector from a range of third-party sources, such as Barclays Bank, Merrill Lynch and Globescan, supplemented the report.

A full copy of the report can be downloaded at DebeersGroup.com.

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