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Meet Your Next Customer
Having a sister who married a Canadian, I can tell you that the standard of living there is good. Canadians, benefiting from their robust economy, can afford to buy premium products and services - the "new luxury". To meet the needs of these consumers, new luxury marketing strategies must innovatively incorporate three levels of a ladder of benefits: 1) superior quality, 2) functional performance, and 3) an emotional benefit which affects and engages the consumer. This consumer-driven, global economy ? the "trading up" phenomenon - was created and is driven by social and economic demand factors below.
Consumer Income - what consumers CAN buy:
? Increased discretionary income has influenced what consumers can buy.
? Increased number of women working outside the home increases total household income
? A rise in numbers of affluent households.
? An increasing number of married couples without children, single working females, and empty nester Boomers who are willing and able to spend
Consumer Taste - what consumers WANT to buy:
? Consumer tastes are shaped by their knowledge, culture, and personality.
? Consumers are more educated, knowledgeable and discerning about items they purchase
? Consumers are sophisticated; they enjoy unconventional and conversation-seeking experiences and have the expectation that things they want are available to them.
? Household structures have changed so that convenience items, though at a premium price, are wanted/needed to allow for highly-valued family time ...