Putting the Luxe Back in Luxury by Pamela Danziger

Now available for Amazon Kindle readers (see below)

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 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 ground-breaking 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.

(272 pages, paperback, ISBN 978-0-9819869-4-4; May 2011)

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Contents

Introduction: The Future for Luxury Marketers Depends on Putting the Luxe Back in Luxury

1. The Luxury Market Has Changed – and It’s Never Going Back to the Way It Was Before

Part 1: Marketing Begins with Understanding the Customer – Understanding the Customer Begins with Demographics

2. The Income Demographics of Affluence

3. Household Income Defines Demographics

4. On Paper, the Affluent are Very Much Alike, but Not in the Store

5. The Next Generation of Affluents and the Changes They Bring to the Luxury Market

Part 2: Marketing Strategy Hinges on Understanding Consumer Purchase Behavior

6. Purchase Behavior Reveals What Luxury Consumers Buy, Where They Buy, and How Much They Spend

7. How Spending on Luxury Has Changed

8. Shifts in the Luxuries People Buy and Where They Buy Them

Part 3: Psychographics Tell Us Why People Buy

9. Luxury Is Not Bought Out of Need, but from Desire

10. When Good Enough Is Better than Best

11. Personalities that Make Up the Luxury Market

12. Values Shift: How Consumer’s Values Are Shifting and How Marketers Must Respond

Part 4: Rainmaking in the Luxury Drought

13. A Perfect Storm Has Hit the Luxury Market: How to Transform Your Business and Your Marketing for the Future

14. Rainmaking in the Luxury Drought: #1 Enhance the Quality of People’s Lives

15. Rainmaking in the Luxury Drought: #2 Sell to a Doubly Bifurcated Market

16. Rainmaking in the Luxury Drought: #3 Create Great Expectations to Support Price Premiums

17. Rainmaking in the Luxury Drought: #4 Speak the New Language of Value

18. Rainmaking in the Luxury Drought: #5 Master 21st Century Technology Tools

19. Rainmaking in the Luxury Drought: #6 Raise Corporate Social Responsibility

20. Rainmaking in the Luxury Drought: #7 Look to Emerging Markets

21. Rainmaking in the Luxury Drought: #8 Evolve Your Luxe Brand or Risk Extinction

22. Invest

Index 

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