Luxury of Time, a Generational Perspective
Time Is the Ultimate Luxury -- But One's Perception of Luxurious Time Is Relative
June, 2012 Stevens, PA -- When we think of affluent consumers, we think of money - how they earn it, how they spend it, and how to attract their spending to particular products and services. But to really understand what all consumers hold most dear, you have to understand how they perceive time. A new white paper by Unity Marketing president Pam Danziger, "Luxury of Time: A Generational Perspective," helps luxury marketers better understand their customers' different perceptions of time.
Time is the ultimate luxury, and this is true for the affluent as well as for everyone else. Money is fungible; almost anyone can increase their income by working longer, harder, or smarter. When it comes to money, affluent consumers have plenty of it, since they have incomes and personal wealth way above the nation's average. But having all that money to spend ultimately diminishes the pleasure of new purchases.
Danziger explains, "The things that affluent consumers buy today may not continue to deliver happiness once the thrill of novelty wears off. In social psychology this is called the 'hedonic adaptation,' which is the tendency for transitory satisfactions, like buying a new handbag of shiny new electronic gadget, to eventually give way to indifference or even dissatisfaction."
But what is the real impact of spending more time at the office in order to buy more things, instead of on the beach or with the family? Time is finite, and how one spends their time is far more important than how they spend their money. Time is the ultimate luxury because it is the only truly limited resource one has.
"For luxury marketers, this has tremendous implications in terms of highlighting the experiential nature of purchases, raising the importance of service, and enhancing the individual's personal experience of time," Danziger explains.
In this most recent white paper, "Luxury of Time: A Generational Perspective," Danziger examines how the different generations of affluent consumers view their time, and what this might mean for the travel and hospitality professionals who market to them. For example:
- Baby Boomers have 'been there and done that' when it comes to five-star resort destinations. They want to go off track, to surprising new destinations offering new experiences. They have a bucket list and want to empty it with quality experiences that will give meaning and value in their lives.
- Generation Xers want peace, relaxation, time to reflect, reconnect with themselves and their loved ones. Most of all they want to go off the grid. They crave five star resort type services, where they can sit by the pool and lay on the beach. When they aren't spending quality time with the kids doing fun activities, they would like the freedom to have their children's needs met by on-site childcare staff.
- Millennials want active vacation experiences where every minute is enjoyed to the max. For Millennials social experiences are key, offering cocktail hours and chances to meet and greet. However, college debts loom large for this group, so budget sensitivity is a must.
The luxury travel provider who understands these needs will have loyal returning customers from all generations.
If you are a luxury travel and hospitality provider, you know how important it is to understand your customer and their wants and needs for their travel experiences. To help you achieve this, Unity Marketing offers the following:
Get the theory: Order this new white paper, "Luxury of Time: A Generational Perspective." This 14-page white paper gives you the overview you need to understand the generational component of your luxury travel consumer.
Go in-depth: Order a copy of Unity Marketing's luxury trend report, Luxury Consumers and Their Travel Plans 2012, based upon a recent survey among 1,498 luxury consumers (average income $279,100) about their travel plans this year.
Get individualized: Call Pam Danziger (717-336-1600) or