Retailers Shouldn’t Underestimate Customer Service

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    Customer service is still an important element of decision-making when it comes to luxury shopping. A survey by Luxury Institute found that only a very small minority of wealthy consumers make a purchase after researching exactly what they intend to buy. High-income consumers were asked about their purchase and shopping habits in several major luxury categories and only among men shopping for watches (28 per cent) and women shopping for beauty products (26 per cent) are there a significant percentage of wealthy shoppers who enter a store knowing precisely what they want to buy. Women are much more likely than men to enter stores without doing any prior research into what they plan to buy, relying instead on what they see and experience in stores, while men usually have done some research, but also make their final purchase decisions in-store. “With multiple points of information, wealthy consumers have become very savvy shoppers, but our findings show that brands and retailers should not underestimate the potential for sales associates to influence and drive purchase decisions,” says Milton Pedraza, CEO of the Luxury Institute. “With proper training in relationship building, along with incentives to produce, store personnel can provide a significant boost to sales across luxury categories.”