SOURCE: Unity Marketing

December 09, 2010 14:12 ET

The Luxury Consumer & What They Value Most -- The Essence of Lifestyle Branding Is to Align What Your Customer Values With Your Brand Values, Unity Marketing Reports

New Unity Marketing Trend Report Presents the Lifestyle Values of Today's Affluent Luxury Consumers -- What Matters Most to Them and How Marketers Can Use Insight Into Consumer Values as a Platform to Build Deeper Connections With Their Target Customer; It Means the Difference Between Finding a Customer Who Buys Once to Finding One Who Buys for Life

STEVENS, PA--(Marketwire - December 9, 2010) - VALUE -- It's luxury's new 'black.' Value is what everyone wants, but few understand exactly how to deliver. Is it cheaper price, higher quality? Is it better customer service, more social media, new loyalty program rewards? Each luxury brand manager asking these questions will arrive at different answers, but the place to start is through a deep understanding of their customers and what they value most. Unity Marketing's new trend report -- Luxury Consumers and What They Value Most -- will help. (www.unitymarketingonline.com)

Today's consumers will be loyal to the brands that speak to their unique lifestyle. What do they hold dear? What is truly important to them? Marketers must put in the effort to find out this information about the target customers, then bring the answers back and plug them into the company, the brand, its marketing communications, website and social media strategies.

This is the process of lifestyle branding. Today, it is no longer enough to know simply the age, gender, income of who your customers are (i.e. demographics) and target those segments in general. Rather, you must understand the customers' values and priorities in order to understand their unique consumer psychology (i.e. "why people buy"). Then, you must use these insights into consumer values to build a connection through marketing and branding messages.

Senior lecturer Paurav Shukla at Brighton Business School, University of Brighton, puts it like this,

"Therefore, managers will have to change their core message and value proposition to reflect the market conditions and consumer motivations. The question which managers need to ask is what is the value proposition in the present circumstances most of my customers are looking for and how can I develop and convey a message which reflects consumers' reality rather than the brand's own reality."

Unity Marketing did a deep-dive into luxury consumers' value system

In the 3Q2010 Luxury Consumer Tracking Study conducted by Unity Marketing, we asked 1,364 affluent (HHI average $298,300), luxury consumers (i.e. who bought one or more of the 22 luxury goods and services included in the tracking study) about what they value most in their lives and in their lifestyle. We examined the individuals' personal lives and lifestyle, not just their behavior when they shop and when they buy. 

Our research goal: To help luxury marketers get closer to understanding their customers' world in all its many dimensions, including the importance of family, health, career, politics, which ultimately influence them in their purchasing behavior. 

We looked at the corporate values affluents expect companies with which they do business to exhibit, whether it be ethical behavior, environmental consciousness, how it treats employees, and others.

Finally, we prioritized affluent consumer values within the context of an established research structure adapted from the Kahle List of Values (LOV) scale that includes:

  • Excitement
  • Warm relationships with others
  • Fun & enjoyment of life
  • Security
  • Self-fulfillment
  • Financial security
  • Being well-respected
  • Sense of belonging
  • Having enough money to buy nice things

Use consumer values as a platform to build long-term connection with customers

Danziger concludes, "Marketers have to earn the customers' trust and respect. In order to build a true connection with the customer, not just a transaction, marketers need to take a 360° lifestyle approach. Marketers need to understand the many different dimensions, values and priorities of their customers and use that understanding as a platform to build a long term lasting brand connection with them. This concise 30-page report which examines affluent consumers' lifestyles, values and priorities will help marketers forge those connections."

Survey Sample Overview

A total of 1,364 affluent luxury consumers were surveyed from October 6-13, 2010. The survey sample incomes averaged $298.3k; net wealth $7.3 million; 46.3 yrs; male 47 percent; female 53 percent. 

Click this link to learn more or to order a copy. http://bit.ly/grW4ng

Note to Press: Pam Danziger available for interviews. Charts, tables and graphs available on request.

About Pam Danziger and Unity Marketing

Pamela N. Danziger is an internationally recognized expert specializing in consumer insights for marketers targeting the affluent consumer. She is president of Unity Marketing, a marketing consulting firm she founded in 1992. Pam received the Global Luxury Award for top luxury industry achievers presented at the Global Luxury Forum in 2007 by Harper's Bazaar.

Pam gives luxury marketers "All Access" to the mind of the luxury consumer. She uses qualitative and quantitative market research to learn about their brand preferences, shopping habits, and attitudes about their luxury lifestyles, then turns these insights into actionable strategies for marketers to use to reach these high spending consumers. Unity Marketing is the voice of the luxury consumer for such clients as PPR, Diageo, Tempur-Pedic, Google, Ford Motor Company, Constellation Wines, Luxottica, Orient-Express Hotels, Italian Trade Commission, Marie Claire magazine, The World Gold Council, and The Conference Board.

She is currently working on a new book, "Putting the Luxe Back in Luxury," to be published in early 2011 by Paramount Market Publishing. Her other books include "Shopping: Why We Love It and How Retailers Can Create the Ultimate Customer Experience," published by Kaplan Publishing in October 2006; "Let Them Eat Cake: Marketing Luxury to the Masses -- as well as the Classes," (Dearborn Trade Publishing, $27, hardcover) and "Why People Buy Things They Don't Need: Understanding and Predicting Consumer Behavior" (Chicago: Dearborn Trade Publishing, 2004).

Contact Information

  • Contact:
    Pam Danziger
    717-336-1600