Conversations & Insights May 8, 2013

What is Low-Touch Luxury?

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New data released by the Shullman Luxury and Affluence Monthly Pulse gives statistical credence to the notion that wealthy people (i.e., those who live in $250K+/year households) would prefer you not speak to them. Not in person, not on the phone. In fact, even if you know them, they still favor email and text. This insularity, Shullman found, is most common among the younger set: less than half of those surveyed under 35 prefer talking directly, regardless if the person is a business contact or a friend/family member. This move toward a 'low touch' lifestyle extends to the way the young and wealthy shop as well. In the video above, L2 Founder Scott Galloway discusses how Millennials increasingly prefer a 'low touch' luxury experience over the 'high touch' traditionally associated with a four, five and six-figure (or more) purchase. Galloway also highlights efforts by brands like Tory Burch and Mandarin Oriental, who have adapted well to this new trend and discusses how brands can plan for a 'low touch' future without alienating their 'high touch' holdouts.

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