When asked to rate the reasons for purchasing luxury items, 87 per cent of those surveyed in the UK opted for quality over exclusivity, elegance, tradition, and high cost. This shows UK consumer opinion is line with the more global viewpoint except for craftsmanship, which 62 per cent believed was the definition of a luxury product compared to 33 per cent across the world. The research, by Albatross Global Solutions and1000mercis Group, shows most purchasers (38 per cent) of luxury products do so for inner reward compared to just 11 per cent who buy because of social acceptance. Females, especially those aged between 26 to 35 and 56 to 65 in the UK, made up much of the demographic that looked for inner reward. The research also shows that despite the internet being a source for vast amounts of information, the physical store is still considered the number one information channel for research before making a luxury purchase. Consumers in the UK (89 per cent) reasoned that brand reputation was the most important factor for buying from one company over another, but product selection (78 per cent) and brand values (52 per cent) were not far behind.
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