Wednesday, April 7, 2010

Is there a still a place for upscale, luxury branding

Coming out of the worst recession in decades, some argue that upscale marketing is not realistic. But the true experts know there will always be a market, and a place for branding/speaking to the higher economic tiers.

According to "The New Face of Affluence," the following attributes are most influential in making "important purchases" today: value, price, overall quality, good design and functionality.

84% of this group texts from cellphones; 78% use social networking; 66% use the mobile web and 57% use mobile apps.

It might surprise you that this group's median age is 45, not 19.

According to the study, these are the attributes that drive purchase decisions of the "New Affluents." Indeed, the median household income of the more than 1,000 survey respondents is nearly $200,000. They're the same people who have the economy and the environment top-of-mind when making these purchase decisions.

According to the survey respondents, "luxury" brands,and "overall social status," are not a priority. This generation of nouveau riche is shunning "conspicuous consumption" in favor of brands that represent quality, aesthetics and authenticity. These attributes, along with uniqueness, integrity, design and performance, represent today's "prestige" for these high-end consumers. And their emerging values and brand motivations make these consumers a more diverse group than one might assume.

A consumer group with cachet, cash and a conscience.

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