Despite ongoing economic concerns, the last few years have largely been good for the financial performance of luxury brands. And the good times will probably continue.» 1 Comments
Recently, I had the pleasure of presenting the results of our latest monthly pulse to luxury and affluent marketers in Chicago and New York. This ongoing, insights-oriented survey differs from others as it focuses on consumers' thinking about their lives and the economy, as well as their plans for the future. This, in turn, provides marketers with the context they need for the decisions to be made, delving into consumers' optimism about the economy, financial goals, worries, etc., plus probing issues of current interest in both the affluent/luxury marketplaces and the mass markets. In that context, I was frequently asked ...» 1 Comments
Offering incentives has proven be an effective motivator for attracting new customers and activating existing audiences who may be less than engaged. According to a study by Colloquy, participation in rewards and loyalty programs has risen by 19% since 2007. While many marketers are already on board with the idea that reward programs can influence behavior, incentive programs are often under-utilized when marketing to a more affluent consumer base.» 0 Comments
The Luxury Institute released a report this week that identifies women not only as household CEOs, but also as contributing significantly to the household income. In fact, 41% of women included in the survey were the family breadwinners, contributing more than 50% of the household income. Despite the fact that these educated women are earning six-figure salaries, their top priority, per the survey, is still family.» 0 Comments
In Selling to the New Elite, I devoted a chapter to the history of luxury, and argued that luxury is essentially a cultural universal, having existed in every culture and time period, but manifesting itself differently across time and place. Even in cultures not known for materialism, there are special objects and experiences that are highly valued precisely because they are special. In every culture there are objects that are beautiful, artistic, exquisite and sublime; there are experiences which are rare and memorable. In both cases, one who appreciates the luxury is emotionally uplifted by the pride and passion inherent ...» 0 Comments
The common assumption is that mobile refers to both smartphones and tablets, thus insinuating that each device is similar to the other. There are similarities, of course, as both devices are portable, personally customized, web/app connected and touch-screen enabled. Additionally, both devices have significant traction amongst Affluent audiences - as 67% of Affluents own smartphones (Nielsen) and 47% own tablets (Pew).» 2 Comments
The reasons for brands to engage with affluent consumers are simple enough. Affluents have larger disposable incomes and can purchase more goods and services. If their peers are other affluents, positive referrals from happy consumers can produce a powerful and profitable ripple effect. If they're prominent and respected in their offline lives, their influence can spread in their online networks to all sorts of consumers.» 1 Comments
Do you find yourself questioning the time and effort that goes into cause marketing? Has it become a pain rather than an uplifting venture? Do you wonder if it's making a difference with consumers?» 1 Comments
Last week, I had the pleasure of interviewing CNBC's Robert Frank and Cond Nast Research Director Jennifer Sylvester as part of our Point-of-View Forum on Affluent travel. We had a wide-ranging discussion, and shared new data about Affluents' favorite vacations ever, as well as the destinations they would most like to visit (Hawaii topped the list, followed closely by Europe and Alaska). Some of the data I found most compelling underscored a crucial point: Affluents take vacations, but their media use does not.» 0 Comments
As the increase in tablet adoption makes clear, tablets today are no longer "novelty gadgets," but rather tier one mobile devices, comprising one-third of all mobile content consumption. One of the most striking discoveries is the effectiveness of tablet marketing in reaching affluent consumers. We also see the inherently engaging tablet platform as particularly well suited for evoking lifestyle benefits - staple tools for luxury brand marketers.» 1 Comments
