This month's column follows up on the many comments we received from readers of last month's column, "Luxury, In The Words Of Upscale Americans," which focused on the differences in how upscaleAmericans, as defined by their spending power (i.e., their household incomes and wealth), describe luxury in response to the following question: "When you read, see, or hear the word luxury, pleasedescribe briefly what you think about."
NYS Entity Status
NYS Filing Date
NOVEMBER 05, 2013
NYS DOS ID#
NYS Entity Type
DOMESTIC BUSINESS CORPORATION
2013 - CARRERA LUXURY TRANSPORTATION CORP.
AROUND THE WEB
- Luxury, In The Words Of Female And Male Luxury Buyers
Wednesday Apr 5, 2017
- Customer Collaboration, Involvement In Complex, Luxury Markets. Is It Possible?
Wednesday Nov 23, 2016
The first thing a lot of people think about when they hear about customer collaboration and co-creation is, "That's great. But I work in a very complex industry. There's no way this will ever work forme." However, Harley-Davidson, BMW and Ducati have all found success in running customer collaboration programs. Personal transportation is a lifestyle-intensive market segment in the same way thatclothing, cosmetics or electronics are. They help people define who they are and show that to the world around them. What we can learn from these leading companies can be extrapolated to other luxurygoods industries to help enlighten the path towards customer-driven innovation.
- How To Make Luxury Relevant Again
Thursday Mar 23, 2017
The luxury industry is at a tipping point. Both Euromonitor and Deloitte, global firms that study the luxury market, testify to it. They predict growth slowing in the global luxury market, withparticular weakness in the Western Europe and North America.
- Luxury, In The Words Of Upscale Americans
Wednesday Mar 1, 2017
This month's column follows up on comments we received from readers of last month's column, "Luxury, In The Words Of Today's 3 Major Generations," which focused on the differences in how Millennials,Gen-Xers, and Boomers describe luxury in response to the following question: "When you read, see, or hear the word luxury, please describe briefly what you think about." This month we focus ondescriptions of luxury among the following two segments of consumers based on their spending power.
- Luxury, In The Words Of Today's 3 Major Generations
Wednesday Feb 1, 2017
Luxury, affluence, and wealth marketers define their target markets in many different ways (by income, wealth, generation, buying habits, attitudinally, etc.).
- Cars And Cosmetics Outspend All Luxury On The Web
Friday May 12, 2017
After contracting by a marginal 0.5% last year, luxury ad spending across 23 key markets is set for growth this year and next. The US, China and Japan will provide 80% of the coming growth
- Attention, Affluent Marketers: Please Watch Out For The Gap Between Millennials And Luxury
Wednesday May 3, 2017
Based on recent questions we have received about what’s really going on with Millennial consumers and their viewpoints on luxury and upscale products and services, werecently conducted a qualitative research study, “Millennials: Their Current and Future Need for Luxury,” in collaboration with The Luxury Marketing Council of Connecticut –Hudson Valley.
The exploratory study’s primary purpose was to lay the foundation for a more comprehensive understanding of Millennials' luxury-related passions, values,and buying habits in significant luxury and upscale markets. This study included both an online survey of 46 respondents and an in-depth, 90-minute focus group discussion with five accomplishedMillennials (all from the eastern United States), concentrating on the following two topics:
- How Millennials describe luxury
- Their current and future need for luxury products and services and their rationale for their outlook
More so than in the past, this keyaffluent demographic, upscale Millennials, described the word “luxury” using such negative terms as “expensive” and “unnecessary.” Also, some key attributes ofluxury in the minds of the older generations — Gen-Xers and Boomers — such as “exclusive” and “designer” were not as important, if at all, to many of theMillennials.
Given this scenario, brands that market to affluent and luxury consumers had better pay close attention to how Millennials view upscale and luxury products andservices. And when these less-than-positive descriptions come from Millennials — the future affluent consumers — how do they impact prospects for the affluent and luxury goods and servicesmarketplaces in the future?
This challenge is even more daunting since most Millennials in this exploratory study, when asked about their need for luxuries, answered that theydon’t need them. There were a few exceptions, as some respondents cited “quality” and “designer” as positive attributes of luxury. In addition, Chanel, Hermès, andRolls-Royce were all mentioned as notable and recognized luxury brands, so there is at least some name brand awareness among this younger generation.
Notably, though, in thissurvey, not one American brand was mentioned as being among the top luxury brands. That said, this overall lukewarm interest in luxury is a clear warning shot across the bow of the affluent and luxuryworlds, and its implications call for more innovative approaches to making a case for upscale and luxury products and services among Millennials … or that case may well be closed.
- The Luxury Of Simplicity
Thursday Feb 16, 2017
Volvo ran a series of ads earlier this year using the theme, "Our idea of Luxury is Simplicity." What Volvo astutely realized is that a rewarding relationship feels easy and uncomplicated and thatbuyers of luxury goods and services are seeking a seamless, effortless experience, not only finely-crafted products.