MediaPost | Engage:Affluent
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Last feed update: February 22 2012 08:49:11.
Even Affluent Customers Can't Buy Time
If you need a few laughs today, Google "rich people problems." Some of them are funny. Some of them, like Tiger Woods' ex, Elin Nordgren, tearing down a $12 million mansion are perplexing.
Affluents, Coupons, And The Implications Of A Female-driven Marketplace
People are often surprised to learn how frequently Affluent consumers use coupons and other forms of discounts. Our latest barometer, conducted in late January 2012, again revealed relatively strong interest in coupons of all types, along with widespread and frequent use.
There's Groupon, And Then There's Good Will
Why partnering with a charity is a better deal for brands
Engaging Affluent Chinese Through Beauty Products
For affluent Chinese customers, Beauty is the portal into luxury goods. This is due to the fact that they are less expensive and more widely available. Consequently, they are purchased by young Chinese female students, who often hold competitions with their friends to see who can collect the most coveted brands.
Whither Mobile?
It's hard to imagine that any brand could be holding back on its mobile marketing initiatives. The growth pattern is too fast; the consumer behavior migration too sudden. Some evidence is showing up, though, that high-end brands might be underestimating the affluent customer segment when it comes to mobile. This could be a big mistake.
2011 Ended On A Positive Note For Affluents
Affluent optimism in the U.S. economy ended 2011 by rising for three consecutive months, from 30% in September 2011, to 40% in December 2011. In raw numbers, this rise of 10 percentage points during Q4 reflects roughly 5.9 million more Affluent adults who are optimistic about the economy, their spirits buoyed mostly by perceived improvements in the job market and consumer spending.
How Brands Can Grow Their Affluent Customer Base By Partnering With Innovative Non-Profits
Affluent consumers are typically highly educated, involved in their community, and are avid shoppers. But, increasingly, they are also motivated to shop responsibly. We call these individuals Charitable Commerce Consumers.
The 10 Things You Need To Know To Engage The Affluent Chinese Customer
Mainland China is a thriving marketplace. Growth will continue to be robust as more surviving Chinese migrate into consuming Chinese. And if you know how to speak to them, you can make a lot of money. But doing business in China is hard as the mainland Chinese consumer is challenging and unique. This month's column focuses on the 10 things you need to know to successfully and profitably engage the Chinese consumer.
Big Cars And Fancy Suits: The Next Cycle
At this point of the year, we like to prognosticate. It never makes much sense to look at how marketing will change in 2012. It's here. But it does make sense to look at how marketing to affluent customers will change during the next business cycle. It makes sense to try to predict changing market conditions. With that in mind, understand that the changes in affluent customer behavior and attitudes have already happened. They have been affected by the recession and slow recovery. The next business cycle continues to be marked by slow income growth and a potentially game-changing commitment to digital marketing. Which will mean three things to marketers.
Luxe In Flux
Tracking the evolution of luxury into 2012 and beyond.
Affluents Shift Gears In Auto Brand Consideration
The automakers released their 2012 lines a few months age, and we were curious to see how they have been received by affluent consumers. While we didn't look at specific models, our most recent study provides a good view into how well-heeled buyers feel about the leading brands. What it shows is that the average consideration of the 22 major brands studied dropped from 15% in 2010 to just 11% in the fourth quarter of 2011. This loss reflects a decline that has lasted most of 2011. For some brands the impact has been dramatic. However, as you'll see, there are also some brands that are performing very well.
Engaging China By Going Public
China is forecast to be the world's top buyer of products such as cosmetics, handbags, watches, shoes and clothes by 2015, according to consultancy PricewaterhouseCoopers. To capitalize on this opportunity, many luxury goods companies have filed their IPOs or joined the Hong Kong stock exchange.
Affluent Marketing In The Post-Occupied Zone
There has arguably been no stronger stigma attached to affluence than in the current political and economic climate. Tax rates are said to be unbalanced, income is allegedly too concentrated and the Occupy Wall Street movement is just starting to vacate. It is reasonable to question the concept of affluent marketing. But if you're going to question the concept, make sure you answer with an unqualified "yes."
Affluents Are Heavy Social Networkers, Both Online And Offline
We are often asked what role social networking plays in the lives of Affluent Americans-are they on Facebook? Twitter? If so, how much time do Affluents spend on these sites? Generally speaking, those who ask are skeptical-surely the Affluent, they figure, are too busy or too old-school to spend much time with online social networks. Our data suggest that Affluents have been socially networking with gusto for several years, and that this is one of many areas where popular notions of Affluent lives are shaped by stereotypes and misconceptions.
5 Ways To Maintain Prestige (And Sales) In A Down Market Without Depreciating Brand Value
Now that we're all experts at-or, at least, veterans of-navigating a real-life troubled economy, we can conclude with fairly decent certainty that 1) things will eventually get better, and 2) the ultra affluent will likely remain so. For those who work in the luxury space, these two factors shouldn't only confirm what they've learned along the way, they should also act as rules of the road going forward-guiding their approach to brand marketing and management in light of an unpredictable economy.
Here Comes The [Chinese] Bride, Capitalizing On The Chinese Wedding Market
The U.S. bridal industry is flat. According to U.S. census data, the number of weddings has remained relatively unchanged for the past 25 years at between 2.1-2.4 million. However, in China, the bridal industry is booming. According to David Liu, CEO and cofounder of The Knot in New York, in 2010, over 10 million weddings took place-- five times as many as in the U.S.
Stealing Affluent Branding, Fair And Square
There was a great cartoon in The New Yorker magazine back in 1999 when Ford bought Volvo cars. It was the first of the ill-fated American car moves to co-opt luxury brands. The cartoon showed a well-heeled couple at the breakfast table. The man was reading a newspaper with the "Ford Buys Volvo" headline. Caption: "Do you think Velveeta will now buy Brie?"
Hispanics: An Obvious But Too-often-overlooked Market Segment
While marketers and advertisers have long paid attention to the growing market of American Hispanics in general, only recently has there been widespread interest in Hispanic Affluents. In fact, just last month we were invited to speak at a symposium on affluence and luxury, the theme of which was "Hispanic Affluents as an obvious but too-often-overlooked" market segment.
China's Art Market Boom -- The Next NEW NEW Thing
The value of China's art market, which includes mainland China, Hong Kong, Macau and Taiwan, has more than doubled since 2009, making China the world's second-largest art market, behind the United States.
Redefining Affluence
Measuring the affluent customer and the view of the affluent customer have been rocked to the core by the Ipsos-Mendelsohn report released a few weeks ago. It is a well-researched and documented project and when we say that it has rocked this market, it is in the positive sense of the word.
Annual Survey Reveals Growing Hunger For Content, Connectivity
This week, we had the pleasure of unveiling our annual survey, our 35th year of tracking the lives, lifestyles, media habits and spending patterns of Affluent Americans.
Diamonds Are A (Chinese) Girl's Best Friend
In the movie "Gentleman Prefer Blondes," Marilyn Monroe made the song, "Diamonds are a Girl's Best Friend" a classic. In the song, she exclaims, "Tiffany's! ... Cartier! ... Black Starr ... Frost-Gorham, talk to me, Harry Winston, tell me all about it!"
"The Affluent Effect": Consumers In A Digital World
One-fifth of U.S. households, 24 million to be exact, holds approximately 60% of total U.S. household wealth and 70% of total U.S. consumer wealth. Defined by Ipsos Mendelsohn as the "affluents," these 24 million households have an annualized income of $100,000 or more. This group is two times more likely to buy consumer products and services and when they do, they spend over three times as much as their less economically fortunate counterparts.
Flexibility, Analytics And Efficiency
It's said that bad news comes in threes. If you're marketing to affluent consumers, this old saw holds true. Unity Marketing, Ispos-Mendlesohn, and Bank of America have all checked in recently with data that show affluent consumers are as uneasy about the economic future as any other consumer segment. It's hardly time to pull back on affluent marketing, but it is time to adjust the message.
Optimism In The Economy Hits A New 'Post-Recovery' Low
Conducted in the midst of the debt ceiling negotiations, we found that only 34% of Affluents were optimistic about the U.S. economy going forward, down from 49% just two months ago, and down substantially from the most recent high of 57% in December 2010 (when it was buoyed by the bipartisan agreement to extend the Bush-era tax cuts and unemployment benefits). Even more telling, it is the lowest in the two-and-half-year history of our Affluent Barometer, and by extension the two years since the recession "officially" ended.
The Next NEW NEW Thing
I'm predicting that 2012 will be The Year of the (Men's) Watch as I find women's watches to be a little "sissy" and look forward to seeing the tsunami of new styles that will be launched in the coming months.
The Power Of The Index
The real power comes when a digital marketing property can index its audience compared not only to the average customer, but to the affluent customer.
Hold The Applause, Please, As The U.S. Celebrates The 2nd Anniversary Of The Great Recovery
Last month -- June 2011 -- marked the second anniversary of the end of the Great Recession, at least as "officially" declared by the National Bureau of Economic Research, the recognized arbiter of such economic issues.
A Marketer's Obituary To Mass Affluence
Last year, in the wake of the 2009 credit crisis, some colleagues and I discovered that our recruiting specifications for affluence didn't consistently produce affluent people. Also, we noticed a different tone in the media about affluence. The term "the Rich" began to infiltrate headlines. And, references to the "Mass Affluent" disappeared. Our search for answers led us to perform our own study leveraging data from the annual Mendelsohn Affluence Survey.
Effective Affluence
Findings from a new study on influence raise the issue of income vs. momentum online and question the conventional priorities of media targeting.
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