New Research Initiative Will Take Luxury Marketers into Affluent Consumers' Homes

Unity Marketing and Insight2 to launch ground-braking new study into the market for home luxuries

 

Luxury marketers that target the affluent consumers' home now have a distinct research opportunity that will not only provide them with targeted consumer information through focus groups and surveys, but also enable them to look inside the life -- and home -- of their consumer through contextual video observations.

The research will be lead by Unity Marketing, a leading consulting firm specializing in luxury consumer insights, and Insight2, a cutting-edge product innovation firm.

"By partnering with Insight2 we can deliver to our clients a compelling package of facts and figures that quantitative surveys provide, plus the insights into consumers' mindset and unmet needs that video observations provide," Pam Danziger, president of Unity Marketing and internationally recognized expert on the luxury consumer market said.

Following Unity's practice for syndicated studies, luxury marketers interested in this study will have the opportunity to sponsor the research before it begins. As a sponsor, companies will have direct input into the direction, scope and objectives of the project.

"Our multi-client approach also makes these insights budget-friendly. The costs of focus groups, a survey and in-home observations will be shared," Jerry McColgin, president of Insight2 and expert in innovation who holds more than 10 product patents said.

How the Unity Marketing-Insight2 Multi-Client Home Luxury Study Will Work

Through diversified research including focus groups, quantitative surveys and in-home observational research, sponsors will tap into the psychology of their consumer and gain an understanding of their motivations in making home decorating and design decisions and purchases.

"Most companies are used to a certain way of product innovation because it worked in the past and they expect it to work in the future. What they don't realize is that they're limiting their opportunities to uncover invaluable unmet consumer needs. We do this by observing consumers in their natural settings allowing us to see how products are used and how they can be improved to benefit the consumer," McColgin said.

Unity Marketing will take the lead in the focus group and quantitative survey portion of the study, while Insight2 will oversee and deliver the observational in-home portion of the research.

Companies can sponsor the research on a basic or advanced level. Basic sponsors will gain insights from the focus groups and quantitative survey, while advanced sponsors benefit from the observational research study as well.

Consumer Insights to Be Discovered

With a focus on consumers’ behaviors, needs, desires and preferences, this research study will include data and statistics about:

• Luxury Home Market Size and Growth: What is the size of the luxury home furnishings and household equipment markets, including the various segments in the luxury home market, including real estate, remodeling, and home furnishings market, including furniture and decorative home furnishings? How is it segmented by type of product and service? How rapidly is it growing? What are future growth trends in the segments in the market?

• Demographics of the Luxury Home Market: What are the demographic characteristics of luxury home buyers? What are the key demographic differences found among and between buyers of the different products and service segments (e.g., gender, age, generation, HHI, size, composition, ethnicity/race, education, etc.)?

• Buying and Shopping Behavior of Luxury Home Consumers: What are the primary characteristics of the consumers? Buying behavior related to luxury home, including real estate, remodeling and decorating services and home furnishings products and services? What kind of shopping experiences do consumers crave and what kind do they disdain? What motivates them to buy luxury home and how can marketers tap these motivators through branding and marketing communications initiatives? Where do luxury home consumers shop for the different types of products and services? What factors influence their decision-making? How much do they spend buying each of the products and services segments and across the entire category? What is the role of brand in product and services selection and shopping choices? How do different demographic segments differ in their shopping and buying behavior?

• Favorite Home Brands, Stores & Designers: Find out what your company's brand/s mean to the luxury home customer. A major thrust of the research will be to understand the brand preferences of luxury home customers. What builders, designers, product brands and retailers do they think of for their purchases? How do these competing brands rank in terms of consumer awareness and usage?

• Psychographic Profile and Segmentation of the Luxury Home Market: A psychographic profile of the luxury home customer will be developed in this study. The profiles will identify different types or personalities of consumers of luxury home products and services. These profiles will identify each personality's drives and motivations in purchasing these products and services; what factors are more or less important in driving their purchasing decisions; and how their attitudes and motivations influence what they buy and how much they spend. These insights will help home furnishings product and service marketers and retailers better understand the hearts and minds of their consumers.

• Strategies and Opportunities for New Product Innovation: By employing contextual observations into this research, advanced sponsors will benefit from seeing their products from a consumer’s point of view. This consumer-focused approach is based upon the fact that most people can't see past existing products, which means they have difficulty articulating what they need. Observing consumers in their natural settings allows us to see how products are used and how they can be improved to benefit the consumer. This portion of the research will give advanced sponsors innovative new product ideas and strategies for implementation.