What matters most to ultra-high-net-worth individuals? Exploring the UHNWI luxury customer experience (ULCX)

Abstract

Purpose

This study aims to explore the customer experiences (CXs) of an under-researched luxury client segment, the ultra-high-net-worth individuals (UHNWI) in three settings, yacht-made clothing services, chartering a yacht and art collection.

Design/methodology/approach

The author conducted 13 interviews with UHNWI, enquiring about their experiences with different services. The author collected and analyzed the data using a recommended three-step approach: in-depth interviews using soft-laddering; coding and purifying data through a systematic approach and hierarchical coding; and using the emerging consensus technique to scrutinize and validate the emerging themes.

Findings

This study revealed UHNWI drivers or purchasing and repurchasing behavior as (mis)managing expectations, personal relationships with personnel and achieving convenience-driven time savings. The corresponding conceptual framework is the UHNWI luxury CX.

Practical implications

This study reveals how über luxury brand managers need to carefully manage the UHNWI clientele expectations, focusing their investment on their brand personnel and the way they can save their clients’ valuable time.

Originality/value

This study is the first to explore UHNWI perceptions of their experience with über luxury providers across multiple contexts. This study highlights that the luxury experience, not the acquisition and owning of luxury goods, drives the UHNWI decision-making and purchase behavior.

Citation

Klaus, P.‘. (2022), "What matters most to ultra-high-net-worth individuals? Exploring the UHNWI luxury customer experience (ULCX)", Journal of Product & Brand Management, Vol. 31 No. 3, pp. 368-376. https://doi.org/10.1108/JPBM-10-2020-3164