Announcing results of April 2011 luxury consumer survey...
Unity Marketing's Forward-Looking LCI Signals Improved Prospects for Luxury Market in Second Quarter 2011.
Yet, despite their improved confidence, luxury consumers kept their spending flat in the first quarter 2011.
Stevens, PA April , 2011 -- Mixed signals: that is what the latest Unity Marketing quarterly survey of affluent consumer confidence delivered for the first six months of 2011.
On a positive note, the Luxury Consumption Index (LCI) rose 6.7 points, the highest rate of growth since first quarter 2010, to reach 82.8 points. However, today the LCI still stands below its post-recession high of 86.9 points reached in January 2010.
Innovation is a challenge for any company, but especially for market leaders in one sector looking to enter into an established market with entrenched competition
"Innovation distinguishes between a leader and a follower" -- Steve Jobs
Frankly I think being a new entrant into an established market space is a far better place to be than to be the market leader, the big dog.
The new entrant can redefine the playing field, turn the leaders' defensive moves back against them, or play a new way to attract a new customer that is looking for a new, innovative solution, rather than the same-old, same-old. The dominant competitor has invested too much in playing the game the old way and so is extremely resistant to change. They don't want to take the risk.
The secret to beating the big dog on the porch is not to think like a big dog, but a little dog. The big dog always loses when he tries to run with the faster, smarter little one.
Luxury brands wanting to acquire new customers should make friend-get-a-friend promotions a priority
Social media might be a luxury brand's best friend, especially when it comes to attracting new customers. According to a new study from Unity Marketing, Affluent Consumers and How They Use the Internet, Social Media, and Mobile Devices, the number one reason affluents connect with brands is because they have learned something interesting about the brand or company through one of their social media friendships.
How two brands tapped social media to grow their followers virally
Using social media for friend-get-a-friend promotions has important implications for luxury marketers needing to grow their customer base in a competitive economy.
Affluent Consumers and How They Use the Internet, Social Media and Mobile Devices: an in-depth profile of the luxury online consumer
Meanwhile young affluent luxury shoppers reach more often for their smartphones to connect and learn.
If the recent recession brought with it marketer anxiety about finding, maintaining, and selling to an increasingly-skittish customer base, then the 'internet revolution' was the silver lining in the dark economic cloud.
A new survey from Unity Marketing found that four out of five affluent luxury shoppers logged online in the past three months from their desktop or laptop computer to make a purchase, shop for a gift, or research a product or service.
Mobile devices are increasingly important for brands to connect with young affluent fashion customers, aged 24-44, who use mobile apps at a rate two-times higher than mature affluents, 45-70.
A Rise in Affluent Consumer Confidence Results in Their Spending More on Luxury in the Fourth Quarter
"The uptick in this quarter's LCI reveals a more positive outlook among affluent consumers about the economy at large, as well as increased optimism about their personal economic situation," says Pam Danziger, president of Unity Marketing and author of the upcoming book, Putting the Luxe Back in Luxury. "Affluents backed up their growing confidence by spending 4.1 percent more on luxury goods and services in the fourth quarter as compared with the same period last year."
Luxury categories that posted strongest growth year-over-year as measured by the average amount spent by affluents, included: