The Super Rich seem to have no problem spending into the millions for 60 minutes of enjoyment when marketers create awareness and desire. Look at your favorite rock star.
Greg Furman, the former CMO of Bergdorf Goodman who founded The Luxury Marketing Council, talks about depth of pocket with the Top 0.01 Percent. In other words, the high net worth crowd is a deep well that has more to give savvy marketers. I tend to agree with his viewpoint, that properly motivated, the Ultra High Net Worth segment will spend even more than it currently does on hotel suites, watches, designer fashion, jewelry, home and so forth.
Part of the problem in my opinion is that most luxury marketing is focused on budget constrained aspirational consumers, when the UHNW segment doesn’t even have a clue what’s on offer from some of the best brands out there. The Super…
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