By: Furniture World Magazine\u00c2\u00a0
\nIn 2012 luxury consumers of the GenX generation, born from 1965 to 1976, spent 6.3 percent more buying luxuries than
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\n their affluent Baby Boomer counterparts.\u00c2\u00a0 GenXer households averaged $52,781 as compared with Boomers average of $49,672.\u00c2\u00a0\u00c2\u00a0The biggest spending gap was in the home luxury goods category, where GenXers spent 28 percent more than Boomers on average.<\/p>\n
\u00e2\u20ac\u0153While Boomers still spend lots of money on luxuries, luxury goods marketers are going to find the younger GenXer affluent consumers a more important part of their target market in the coming years,\u00e2\u20ac\u009d\u00c2\u00a0 says Pam Danziger, president of Unity Marketing and author of Let Them Eat Cake:\u00c2\u00a0 Marketing Luxury to the Masses \u00e2\u20ac\u201d as well as the Classes.\u00c2\u00a0<\/p>\n
“After years of catering to the Boomers\u00e2\u20ac\u2122 luxury appetites, luxury goods marketers need to tap the tremendous spending potential of GenXers.\u00c2\u00a0In order to\u00c2\u00a0do that, they need new insights into the\u00c2\u00a0drives and passions of\u00c2\u00a0GenXer generation luxury consumers,” Danziger says.\u00c2\u00a0<\/p>\n
In order to provide new insights into the changing dynamics brought about by the emerging GenXer luxury market, Unity Marketing is undertaking a new consumer insights study in association with its Luxury Tracking service.<\/p>\n
Generations of Affluence Consumer Insights Study:<\/p>\n
Today\u00e2\u20ac\u2122s affluent market is dominated by two generations at two different life stages.\u00c2\u00a0 These two generations represent the core target market for luxury marketers.\u00c2\u00a0 Some 55 percent of the affluent consumer households are headed by Baby Boomers, ages 42-to-60, who are approaching or already in their empty-nesting lifestage.\u00c2\u00a0\u00c2\u00a0\u00c2\u00a0 About 25 percent of the affluent market are GenXers, aged 30-to-41, who are in the family-formation and young children at home lifestage.\u00c2\u00a0<\/p>\n
Given their different lifestages, these two generations demonstrate different luxury shopping behavior, with the GenXer affluent households spending more money on average buying luxuries than the typical Baby Boomer.\u00c2\u00a0 As a result, luxury marketers must understand the two different generations in order to target their marketing communications, advertising and product development efforts effectively.<\/p>\n
Unity Marketing is undertaking an intensive investigation of the mindset and consumer psychology of these two distinctive generations of luxury consumers.\u00c2\u00a0 Through a series of focus groups among luxury consumers (household incomes of $150,000 and above) Unity will examine their differing attitudes toward luxury and how that impacts their buying and shopping for luxury goods and services.\u00c2\u00a0 \u00c2\u00a0Subscribers to Unity Marketing\u00e2\u20ac\u2122s Luxury Tracking Study can participate in this special investigation of the generations of luxury.<\/p>\n
Methodology:<\/p>\n
Six focus groups are planned: two groups among affluent Baby Boomer women; two groups among affluent GenXer women; one group among affluent Baby Boomer men; and one group among affluent GenXer men.\u00c2\u00a0 Note: The GenXer groups might include some leading edge Millennial generation participants (up to age 29) who qualify based upon income as well, to include their more youthful perspective.<\/p>\n
Topics to be Investigated:<\/p>\n
The discussion will center on how the different generations perceive luxury \u00e2\u20ac\u201d what luxury means to them and how important it is in their lives as a consumer.\u00c2\u00a0 We will place special emphasis on understanding the generational perspective on luxury, whether it is viewed as the pursuit of material goods as compared with luxury primarily as an experience.\u00c2\u00a0 In other words, do they primarily perceive luxury as reflected in the things they own or luxury as something they do or experience.\u00c2\u00a0<\/p>\n
Areas to be investigated are:<\/p>\n
\u00c2\u00b7\u00c2\u00a0What luxury means to them and how they interpret luxury for their lifestyles?<\/p>\n
\u00c2\u00b7\u00c2\u00a0How important these specific values in purchasing luxury goods, such as exclusivity, status, prestige, quality, uniqueness, value, brand recognition and awareness?\u00c2\u00a0<\/p>\n
\u00c2\u00b7\u00c2\u00a0To what extent do the following influence you in purchasing luxury goods and services \u00e2\u20ac\u201d television advertising, magazine advertising, internet advertising or websites, brand name, celebrity endorsers or users, media coverage, peers, friends, family?\u00c2\u00a0 For example, does it make you want to buy a luxury if a celebrity you admire favors that brand? \u00c2\u00a0<\/p>\n
\u00c2\u00b7\u00c2\u00a0When and how often they indulge in luxury in their lifestyles as opposed to buying the ordinary brand or service?<\/p>\n
\u00c2\u00b7\u00c2\u00a0\u00c2\u00a0With so many marketers at all ranges of the pricing scale, from Target to Barney\u00e2\u20ac\u2122s New York targeting the \u00e2\u20ac\u02dcluxury market,\u00e2\u20ac\u2122 has luxury lost its meaning to consumers?\u00c2\u00a0 If luxury doesn\u00e2\u20ac\u2122t mean what it once did, what has replaced it?<\/p>\n
\u00c2\u00b7\u00c2\u00a0What gives them their greatest luxury satisfaction and happiness \u00e2\u20ac\u201d luxuries they buy for their home; personal luxuries they buy for themselves, like fashion, jewelry and watches, cosmetics; luxuries they use such as appliances, electronics and automobiles; or luxuries they experience, such as travel, dining, spa and beauty services?<\/p>\n
\u00c2\u00b7\u00c2\u00a0For each category of luxury above \u00e2\u20ac\u201d home, personal, utilitarian, experiential \u00e2\u20ac\u201d we will discuss what makes one product or service more luxurious than another?<\/p>\n
\u00c2\u00b7 About the luxuries in their lives, what kinds of satisfactions do they derive from the luxuries that they own, including one\u00e2\u20ac\u2122s home; collections; hobbies; \u00e2\u20ac\u02dctoys\u00e2\u20ac\u2122 like boats, cars, motorcycles, etc.; at home spas, pools; and other lifestyle luxuries?<\/p>\n
Deliverables:<\/p>\n
Companies that need to better understand the luxury market are invited to participate in this special investigation into the generations of luxury consumer insights study.\u00c2\u00a0 Sponsors will participate in developing the overall study scope and objectives; have input on the moderator\u00e2\u20ac\u2122s guide and focus group presentation materials presented to the study respondents; participate in viewing the focus groups, either live or on tape; receive an in-depth focus group report; and attend a webinar conference to discuss the major findings and implications of the research findings for marketers targeting the luxury consumer market.\u00c2\u00a0<\/p>\n
To learn more about this study and participating in Unity\u00e2\u20ac\u2122s luxury generations research, complete the request form<\/p>\n","protected":false},"excerpt":{"rendered":"
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