Luxury Consumers in the Art Term Paper

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For example, such high-end customers "may not want to shop regular hours." They may want the purveyer of the good to bring the items to them. For such customers, it's all about the retailing "experience." The research conducted by Unity Marketing indicated that the positive nature of the 'experience' of buying was far more an indicator of return trade than the actual satisfaction of the product itself. (Tarateta, 2004)

Describe the method(s) used to conduct the research project

Both statistical and descriptive research was used over the course of this examination of luxury buying behavior. (Ryerson, 2005) Statistical research was used to determine the overall profile of the luxury market, such as the composition of the most loyal return customers. Research was also used to determine the advantage of soliciting certain luxury market segments for business owners in a quantitative fashion.

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However, descriptive and subjective data was also deployed to gather a more holistic profile of the customer in question. Also, individuals involved in the luxury industry were interviewed, and provided valuable anecdotal insight about their customer's buying habits. For example, one dealer noted, that the "main thing is to establish chemistry between these clients and yourself. It must seem like a friendship, rather than a trandaction. Sending a personal note if they do not return the phone call can create a rapport. "The perception is that these types of customers are unapproachable. But the reverse holds true. They are amenable and approachable." (Tareteta, 2004) by collecting such subjective data, the focus of the reseaerch becomes potentially translatable into forumlating marketing agenda rather than merely a record of high-end consumer behavior.

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