Let Them Eat Cake: Marketing Luxury to the Masses-As Well as the Classes by Pamela N. Danziger

Author:Pamela N. Danziger [Danziger, Pamela N.]
Language: eng
Format: epub, pdf
Tags: Finance, Business, Business & Economics, Economics, General, Consumer Behavior, Psychology, Economics; finance; business & management, Marketing, Research, Sales & Marketing, Market research, Marketing - Product Management, Affluent consumers - Psychology, Luxuries - Marketing, Consumer behavior., Marketing - Research, Affluent consumers, Affluent consumers - Psychology., Research methods: general, Luxuries - Marketing., Luxuries
ISBN: 9780793193073
Publisher: Chicago, IL : Dearborn Trade Pub., c2005.
Published: 2005-09-15T04:00:00+00:00

148

L e t T h e m E a t C a k e

Otherwise, when a consumer plans on buying an experiential luxury or service, he or she expects to pay the full asking price.

Fine Dining Is More about the Experience

Than about the Food

For the 20th anniversary of the American Express Platinum Card, my company, Unity Marketing, had the opportunity to conduct an in-depth survey among what we termed “experiential affluent consumers” (i.e., consumers with household incomes of $100,000 or more who achieved their greatest luxury satisfaction and happiness through experiential luxuries). With an average household income of $175,000, the American Express Platinum Luxury Survey respondents were even more affluent than those in Unity’s typical luxury survey samples, but the findings about these experientially motivated luxury consumers provide insight into the fine dining experiential equation.

The experiential affluent consumers included in the American Express Platinum Luxury Survey are very active luxury restaurant goers, with over three-fourths eating out in luxury once a month or more. Good food isn’t the most important factor in the fine dining decision; rather, these highly discerning diners are looking for superior service in addition to a good meal and great wine. Number one on the list of why they choose a restaurant is the reputation of the chef or the restaurant. Receiving special services or a good table is the second most important criterion, followed by good restaurant reviews.

TRAVEL IS PRIORITY FOR LUXURY CONSUMERS

Researching luxury travel was a special emphasis of the American Express Platinum Luxury Survey that Unity Marketing conducted for the 20th anniversary of the American Express Platinum Luxury Experiences and Services—It All Comes Down to the Experiences 149

Luxury Card. Typical experiential affluent consumers in the survey traveled just under six times in 2003. When they travel, they fly with the masses but vacation with the classes. Flying coach predominates among the luxury travelers, but once they get to their ultimate destination, nearly two-thirds regularly stay in a luxury hotel.

These luxury travelers are in search of rest and relaxation.

They describe ocean cruises as the ultimate in stressless vacationing, and they value privacy as very important when they travel.

When they travel, luxury consumers don’t want to compete with other visitors for guest services.

P e r s o n a l P e r s p e c t i v e o n L u x u r y Crystal Cruises’s Gregg Michel

Luxury Is Spaciousness Combined with Choices

Hinging a company’s luxury value

around empty space is an intriguing concept and one that works beautifully for Crystal Cruises. As an operator of three luxury mid-sized ships, the company aims to be not only the luxury cruise line of choice but the best in the luxury service business. Crystal Cruises’s President Gregg Michel explains the commitment to service excellence: “We benchmark our competition not just against other cruise lines but against other leisure experiences you might have had, like land-based hotels or resorts. Our service philosophy at Crystal is to be the best in the luxury service business.”

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