Based upon analysis of the spending habits of American Express affluent card holders, Peter Niessen, vice president of American Express Business Insights, announced recently that the luxury market has recovered from the recession. http://bit.ly/pKxQBz
But, he also warned that the make up of today's post-recession luxury consumer market is very different from that before the recession. Niessen said, "There is a new constituent who is driving spending. We need to speak to traditional consumers, and the new GenX and GenY [also called Millennial] consumers in a way that lets us continue that growth."
Neissen stresses the need for marketers to target these high-spending young affluents, "There is a whole set of new luxury consumers that we have to acknowledge, recognize and market to."
Luxury marketers must get up close and personal with the next generation of their customers
Who are these new affluent consumers? Even more important, what do we know now about the Millennials poised to become affluent? The answers are essential for every company planning to target this new and changing market.
To address these questions, Unity Marketing announces a Call for Sponsors for its newest study, "Wealth Wave," a consumer insights study about the millennial generation and how they will behave as their wealth grows.
Unity Marketing has identified a segment within the Millennial generation that is likely to be headed toward affluence and will examine their attitudes and behaviors through focus groups and a qualitative survey.
"The luxury market has changed dramatically as a result of the recession, and it stands to change even more as the Millennials take center stage as affluent customers," says Pam Danziger, president of Unity Marketing and author of the new book, Putting the Luxe Back in Luxury: How new consumer values are redefining the way we market luxury.
"As this 'wealth wave' washes over the U.S. luxury marketplace, these young consumers will demand brands that offer products that speak to their unique sensibilities, with communication that occurs across a variety of platforms. Understanding the wants and needs of this upcoming force in the luxury marketplace is key for companies that plan to thrive," Danziger says.
Research sponsors will guide and direct the study
Unity Marketing’s new study is seeking sponsors. Sponsorship will allow companies direct input into the questions and topics examined in the focus groups and quantitative study. Sponsors will receive access to recordings and transcripts of focus group proceedings, analysis reports, survey topline crosstab reports, and webinar presentations.
With sponsorship budget ranging from $5,000 to $10,000 (depending on number of sponsors and total focus groups/survey respondents), this detailed data and analysis will deliver many of the benefits of custom research without the investment.
To learn more about sponsoring this research initiative, call Pam Danziger at 717.336.1600 or click this link to receive more information about the study http://bit.ly/rozBJX
About Pam Danziger and Unity Marketing: Pamela N. Danziger is an internationally recognized expert specializing in consumer insights for marketers targeting the affluent consumer. She is president of Unity Marketing, a marketing consulting firm she founded in 1992. Pam received the Global Luxury Award for top luxury industry achievers presented at the Global Luxury Forum in 2007 by Harper's Bazaar.
Pam gives luxury marketers "All Access" to the mind of the luxury consumer. She uses qualitative and quantitative market research to learn about their brand preferences, shopping habits, and attitudes about their luxury lifestyles, then turns these insights into actionable strategies for marketers to use to reach these high spending consumers. Unity Marketing is the voice of the luxury consumer for such clients as PPR, Diageo, Tempur-Pedic, Google, Swarovski, Constellation Wines, Luxottica, Ford Motor Company, Orient-Express Hotels, Italian Trade Commission, Marie Claire magazine, The World Gold Council, and The Conference Board.
Follow Pam on Twitter @ www.twitter.com/PamDanziger
Hew new book, Putting the Luxe Back in Luxury: How new consumer values are redefining the way we market luxury, is available from Paramount Market Publishing. Her other books include Shopping: Why We Love It and How Retailers Can Create the Ultimate Customer Experience, published by Kaplan Publishing in October 2006; Let Them Eat Cake: Marketing Luxury to the Masses—as well as the Classes, (Dearborn Trade Publishing, $27, hardcover) and Why People Buy Things They Don't Need: Understanding and Predicting Consumer Behavior (Chicago: Dearborn Trade Publishing, 2004).