Putting the Luxe Back in Luxury: How New Consumer Values are Redefining the Way We Market Luxury

Putting the Luxe Back in Luxury: How New Consumer Values are Redefining the Way We Market Luxury

by Pamela N. Danziger
     
 
Meet the HENRYs (High Earning Not Rich Yet households with incomes of $100,000 or more). They along with their wealthier counterparts, including the sometimes overlooked millionaires living next door, make up the top 20 percent of household incomes in the U.S. and account for more than 80 percent of all luxury spending. You will find them in the lobbies of five-star

Overview

Meet the HENRYs (High Earning Not Rich Yet households with incomes of $100,000 or more). They along with their wealthier counterparts, including the sometimes overlooked millionaires living next door, make up the top 20 percent of household incomes in the U.S. and account for more than 80 percent of all luxury spending. You will find them in the lobbies of five-star hotels, at boutique counters, and on the sales floors of high-end department stores. They can also be found at auto shows and in art galleries, and they are often major contributors to a wide spectrum of not-for-profit organizations.

Butterflies and Temperate Pragmatists
But clearly this market is not one market. This new book by one of the foremost experts on retail and discretionary spending redefines the luxury market today, segmenting it by the obvious demographics of age and income, and by the more nuanced characteristics of life stage and lifestyle, which better explain consumer relationships with high-end brands.

The author uses survey data collected between 2007 and the first quarter of 2011 to define five distinct groups within the luxury market--Butterflies, Cocooners, Aspirers, Temperate Pragmatists, and X-Fluents. Each of these groups makes up approximately one fifth of the market. Understanding these five groups of consumers, especially the new Temperate Pragmatists, will be the key to surviving and thriving in today's highly competitive luxury marketplace.

A 10-Year Drought
Pam Danziger is one of the most astute observers of how consumers spend their discretionary income. In this, her latest book, she offers insights into the shopping and spending behavior of top-tier consumers, warning that as Baby Boomers age out of their peak earning (and spending) years, luxury markets won't see another wave of consumers with as much spending power until about 2020. In the meantime, marketers, retailers and service providers will have to work harder and smarter to maintain or grow their brand share.

Putting the Luxe Back in Luxury also examines the myth that luxury consumers don't use the internet and points out that many luxury marketers are missing the mark by refusing to allow their time-starved clients to shop online. Replete with interviews from dozens of retail industry experts, thought leaders, and top brand executives the book offers you their sage advice along with strategies and Danziger's own prescriptions for rainmaking in the face of the drought.

Find out about the demographic and economic forces that will shape the high-end market for the next 10 years. Learn how leading brands are adjusting to the biggest wave of changes to sweep through the luxury market in decades.

An important book for brand managers and a must-read book for marketers of all stripes.

Product Details

ISBN-13:
2940013421929
Publisher:
Paramount Market Publishing, Inc.
Publication date:
09/20/2011
Sold by:
Barnes & Noble
Format:
NOOK Book
Pages:
272
File size:
693 KB

Meet the Author

Pamela N. Danziger is an internationally recognized expert specializing in consumer insights, especially for marketers and retailers that sell luxury goods and experiences to the masses or the “classes.” She is president of Unity Marketing, a marketing consulting firm she founded in 1992.
Advising such clients as PPR, Polo Ralph Lauren, Diageo, Constellation Wines, Tempur-Pedic, Google, Darden, Swarovski, GM, Ford Motor Company, Orient-Express Hotels, Marie Claire magazine, Italian Trade Commission, Japan Brands, The World gold Council, and The Conference Board, Danziger taps consumer psychology to help clients navigate and master the changing luxury consumer marketplace.
In recognition of her groundbreaking work in the luxury consumer market, Pam received the global Luxury award presented by Harper’s Bazaar for top luxury industry achievers in 2007.
Pam is a member of “The League of extraordinary Minds” — a panel made up of over 50 marketing and business experts, including such noted authorities as al Reis, Jack Trout, Jay Conrad Levinson, Serigo Zyman, and Stephen Covey to name a few. Visit extraordinaryMinds.com.
Her other books include Shopping: Why We Love It and How Retailers Can Create the Ultimate Customer Experience(Kaplan Publishing, 2006); Let Them Eat Cake: Marketing Luxury to the Masses — as well as the Classes, (Dearborn Trade Publishing, 2005), and Why People Buy Things They Don’t Need: Understanding and Predicting Consumer Behavior(Dearborn Trade Publishing, 2004).
Learn more about Pam and her work at UnityMarketingOnline.com.

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