FFI consumers rely heavily on online reviews and research; in turn, their path to purchase of various luxury services is somewhat different to their peers. For example, they are most likely to purchase luxury travel, spa experiences and hotels via mobile devices or web pages, reflecting the tech-driven nature of daily lives.
When it comes to hard luxury, the major players consistently denote status, quality, prestige and affluence among FFI consumers. Asian-American women associate such attributes with brands like Tiffany & Co., Swarovski, Gucci and Cartier. Meanwhile, Latinx-American women cite Michael Kors, Louis Vuitton and Chanel among their most favoured brands.
FFI consumers also expect a high level of touch and in-person experience when purchasing pieces from luxury labels, in particular fashion and jewellery. Indeed, when asked: How likely are you to purchase the following luxury items using your mobile device without going into a store?, 46% said ‘not likely’ for luxury jewellery, while 40% said ‘not likely’ for fashion.
Both Asian-Americans and Latinx-Americans also value the having a personal stylist, private shopping rooms and post-sales follow-up from luxury brands. For Latinx FFIs in particular, native language speaking sales staff are another key value driver.
This cohort is sophisticated, discerning and rapidly growing into a significant segment of the American luxury consumer population. And perhaps most importantly, the FFI consumer wants to feel valued – they rank this sentiment as the most important shopping experience factor.
In my opinion, those luxury marketers hoping to reach the FFI consumer segment must embrace their uniqueness, recognise their achievements and those of their families – even if the President himself refuses to do so.
Marty Hurwitz is the founder of MVI Marketing.
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