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Consumer wealth affects customer service expectations.

A just-released study by The Luxury Institute reveals what the wealthy expect from the best companies in the area of customer interaction. The survey, "Enhancing the Customer Experience of the Wealthy: Best Practices in Customer Interactions," polled more than 200 households with a minimum of $200,000 in gross annual income and a net worth of at least $750,000 (including home equity). The report examines how companies can best serve the affluent by enhancing different aspects of the customer experience. Some of the results include:

* More than 77 percent of the wealthy share the belief that companies that use best practices have quick and easy return policies.

* 70 percent of wealthy consumers want front-line employees empowered to make decisions on the spot.

* 51 percent of wealthy consumers require that companies that use best practices customize communications to their customers.

* 51 percent of the wealthy want to be consulted on service policy changes.

* 44 percent want to be consulted about product changes. The numbers rise to 62 percent for households with annual incomes of $2 million or more.

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Title Annotation:The Dish
Publication:Gourmet Retailer
Article Type:Brief Article
Geographic Code:1USA
Date:Jun 1, 2005
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