Understand Purchasing Behaviors of Luxury Buyers

June 9th, 2014 | by: SM SOLD | Posted in : Luxury, Digital Trends

Studying your market and understanding demographics have been the key to success for years. In all industries we know the market is segmented, understanding the behaviors and lifestyles of your demographics better help you position yourself and brand the best product.

According to the Southeby\'s International Realty Luxury Lifestyle Report in their most recent survey, luxury behaviors of buyers are increasing. The report reveals confidence is rising, in return, desire in purchases of luxury living estates are on the rise.

Types of Lifestyle Homes:

The report takes it one step further, you might be wondering what it means to have a lifestyle home? Survey Revealed that 42 % of consumers would want a waterfront home, followed by 21 % wanted mountain home, in at 13% was country living, and tied for last at 5% was Farm & Ranch and Historic living.

Purchasing Motives: 

Again it is important to understand the motives that will drive a buyer to purchase, whether its their needs, wants or a combination of the two. According the the surrey, results reveled 39% of respondents would purchase luxury real estate for family needs, 36 % would purchase based on the location, 34% would invest in hopes of gaining a higher return, finally, 32% would purchase for lifestyle reason, status quo if you will.

Luxury Amenities: 

Of course there is the location and the status but it must be equipped with the best for these buyers to cut the check. Important amenities that are wanted by respondents are a space to showcase and share their art collection, a location on the water, to doc their boats, a multi-purpose garage to showcase their collection and toy but in at number one was a home with "Smart Amenities" in fact 65 % of total survey respondents were looking for such a thing!

Remember understand the demographic and the market is key to success for more on the study please visit here