Recently I attended a conference that focused on marketing to affluent consumers. As I listened to a day's worth of presentations, I realized that the speakers were using the market descriptors "affluent," "wealthy," and "luxury" interchangeably. However, based on the work we have done in these three market segments, we must note that while they overlap somewhat, the three categories relate in most respects to consumers with different demographic and behavioral profiles.
When pursuing an omnichannel approach, it's important to not only understand which device the consumer is on but, perhaps more importantly, that you're reaching the same consumer across various devices.
According to the Center for the Study of Women in Film and Television, female film protagonists reached an all-time high in 2016. Films like "Hidden Figures" and "20th Century Women" have predominantly female casts and have achieved enormous success in 2017. This comes a year after the infamous failure of the Motion Picture Academy to nominate a single actor of color or a single female director at the 2015 Oscars, an event that inspired the Equal Opportunity Commission to investigate the U.S. film industry, and to recently find them guilty of discrimination against female directors. In spite of the obvious ...
In our data-driven world, guesses, feelings and estimates about how ads are performing are unacceptable. Advanced analytics tools are helping us see exactly how customers are moving down the digital path to purchase, and which marketing activities are responsible for driving those actions. But what if you're a digital marketer who works in an industry that does most of its business offline?
An uncertain economy might scare some marketers, but for others, it presents an interesting opportunity to adopt a new perspective. In the past, the affluent were often regarded as spenders - those who had money on hand and were willing to spend it on a major purchase. Yet, consumers today, especially the younger ones, are much less inclined to tie their money up in a big purchase.
Based on recent questions we have received about what’s really going on with Millennial consumers and their viewpoints on luxury and upscale products and services, werecently conducted a qualitative research study, “Millennials: Their Current and Future Need for Luxury,” in collaboration with The Luxury Marketing Council of Connecticut – Hudson Valley.
The exploratory study’s primary purpose was to lay the foundation for a more comprehensive understanding of Millennials' luxury-related passions, values, and buying habits in significant luxury and upscale markets. This study included both an online survey of 46 respondents and an in-depth, 90-minute focus group ...
Alongside Brazil, India, and China, other emerging markets, like Iran, South Africa, Indonesia and Malaysia, are set to hit their stride in the coming decade. The significance of flexibility and collaboration will increasingly become key in luxury brand marketing strategies within these areas.
Multicultural marketing has created a marketing economy based on segmenting the population by ethnicity. While ethnicity segmentation has worked for the past several decades, as I pointed out in an earlier column, that foundation is starting to crack. Our industry is experiencing a paradigm shift. As we attempt to make sense of this existential crisis of marketing models, we should consider how we segment and why.
The dealership is no longer a consumer's first stop when researching an auto purchase. While the test drive remains essential, most consumers begin their search online, drastically cutting down on the time they have historically spent looking around showrooms. All signs point to a period in time, not far off, where consumers can buy their cars online and then drive away with the cars without speaking to a salesperson.
This month's column follows up on the many comments we received from readers of last month's column, "Luxury, In The Words Of Upscale Americans," which focused on the differences in how upscale Americans, as defined by their spending power (i.e., their household incomes and wealth), describe luxury in response to the following question: "When you read, see, or hear the word luxury, please describe briefly what you think about."