Thursday, March 29, 2007

Wealthy customers look for specialized customer service

Wealthier customers conduct research and purchase online according to a recent survey by The Luxury Institute. It was found that 69% of rich American customers preferred to make hotel and resort reservations directly on the Internet. According to Milton Perdaza, CEO of The Luxury Institute, a survey and research firm, “The only remaining obstacle preventing wealthy consumers from purchasing a multitude of luxury products online appears to be the lack of customer-centricity on the part of some luxury firms.”

Opportunities galore waiting to be taken, anyone, anyone?

Retailers take note: Rich consumers look for special and customized services and if you offer this segment the kind of customer service they need and more, since these are customers who are accustomed to getting the best of everything. There clearly is a need for something more than the basic customer service that is provided at most online stores.
The Luxury Institute surveyed 1,000 consumers with average household income of $288,000 and average net worth of $2.5 million. It determined that 96% of them buy products and services online, with 55% doing so frequently; and 99% of wealthy consumers use the Internet to research before they buy. According to the survey findings, more than half of the wealthy consumers surveyed prefer to make purchases of women’s apparel online while 43% prefer to use the web when buying men`s apparel.

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