For Aspirational Consumers, Saving Is The New Black

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Luxury marketers that have so successfully tapped U.S. aspirational consumers to grow sales over the past 20 years may have to re-think what the future holds with this segment. They may also want to re-think where they are focusing their marketing efforts.

 

An analysis by The Washington Post shows the mass affluent segment struggles to make ends meet on a $250,000 Household Income, yet the Top 0.1 Percent spent $214 billion on luxury goods and services in 2013.  This Ultra High Net Worth segment holds the promise of even more sales.

 

Research presented to a New York audience of The Luxury Marketing Council from a recent Boston Consulting Group/Altagamma study interviewing luxury consumers found luxury and status are low down on the list of what’s important in consumers’ lives today. Saving is new black so to speak topping out the list of what’s important to aspirational consumers.

 

 

What do you see as being Less/More important to you than two years ago?

 

Less Important More Important
Saving 3 % 63 %
Health 1 61
Value for Money 3 59
Wellness 3 53
Stability 3 53
Family 3 48
Calm 2 41
My home 5 40
Locally grown products 7 38
Friends 7 37
Ethics 5 36
Environment 9 36
Spirituality 12 35
Education 12 33
Patriotism 9 32
Change 11 29
Craftsmanship 7 29
Tradition 10 28
Authenticity 6 28
Religion 15 27
Convenience 14 26
Naturalness 9 25
Professional Success 25 25
Wealth 21 25
Local communities 10 24
Excitement 18 17
Altruism 12 14
Conviviality/Festivity 21 14
Bright Colors 25 12
Status 35 11
Luxury 54 7

 

* Respondents who ranked the term equally important were excluded

About Doug Gollan

I am Editor-in-Chief of Private Jet Card Comparisons and DG Amazing Experiences, and a Contributor to Forbes.com.
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