Luxury Institute, yes there is a Luxury Institute. An independent and objective research institution that focuses solely on the top 10 percent of America’s wealthy. Now they have a report that debunks many myths that people may have about the rich. The Brand Strategy Blog has a compilation on the top 10 myths about luxury. The wealthy made their money easily and spend their money easily. Wrong! The wealthy are conspicuous consumption machines living in another reality, wrong again! The wealthy can’t really define luxury. Not true, the report says that the ability of wealthy consumers to define true luxury, individually, and as a group, is laser-accurate. Others myths include: Luxury goods are a far larger industry than luxury services. The wealthy don’t
participate in consumer satisfaction surveys. The wealthy don’t go online. The wealthy don’t use ratings and reviews to make purchasing decisions. Luxury marketers should be targeting only the wealthiest clients. Wealthy clients do not give referrals. Wealthy consumers are not very loyal since they can go anywhere Read the complete article here.