Londoners Love their Luxuries –LUXURY by IJL’s Christmas Consumer Survey
LONDON, December 14, 2013 – A survey conducted in central London amongst Christmas shoppers by LUXURY by IJL indicates that when it comes to luxury, store retailers are winning the battle with their online rivals this year.
Shopping in store (64%) was quoted as the preferred choice, with only 15% admitting to purchasing luxury goods online.
This reflects the 13% increase in West End shoppers reported for the first weekend of December by the Evening Standard newspaper.
Furthermore, the survey revealed that 83% of the recipients buy luxury goods for themselves – with 59% of recipients choosing jewellery as their most desired luxury purchase.
Event Director Sam Willoughby said: “It is excellent to see that traditional retail stores are holding their own in the luxury retail sector.
“Also it is really encouraging for the jewellery industry to hear loud and clear from the consumer that they perceive luxury as an accessible, ‘must have’ commodity and that they give jewellery the thumbs up as their preferred choice of purchase.”
The power of luxury
The shoppers revealed themselves as a mercurial group with a fiercely independent streak.
Over half admitted they would forgo the necessities of life to afford something luxurious and over a third said they had bought luxury items on a whim.
When questioned on their frequency of buying, 19% said that it was in excess of twice a year.
72% of the survey recipients were insistent that celebrity endorsement was irrelevant in influencing their purchasing choices.
Personal choice played a more important role: they know what they want and what suits them.
16% felt that the reassurance and cachet of a well-known luxury brand was important when it came to buying, with 14% influenced in their choice by fashion and trends.
However, 31% of those surveyed believed that quality, design and ‘wearability’ were all key factors in their decision-making.
Asked to name their most treasured luxury item, 44% named a piece of jewellery or a watch, with a further 23% quoting a piece of clothing.
All I want for Christmas …
Asked what piece of jewellery they would like to be given as a gift for Christmas this year, almost a third chose a ring, the symbol of love and commitment, possibly indicating a happy start to the New Year. Earrings came a close second, with bracelets in third place.
IJL 2014 will run from 31 August to 2 September 2014 at Olympia, London.
LUXURY by IJL, The Ultimate in Luxury Jewellery, will run from 31 August to 1 September at Olympia, London.