Page 46 - enLIGHTenment Magazine - September 2017
P. 46
build a luxury braNd
MOST BUY AT THE HIGH-END IN AT LEAST ONE CATEGORY
Computers/Electronics
34%
64%
Vacations/Personal travel 23%
70%
Automobiles 22%
72%
Clothing, apparel and accessories
20%
79%
Watches/Jewelry 19%
56%
Home and garden
11%
77%
Luxury/HIGH-enD branDs
mass/maInstream branDs
magazine involving the cheese brand Cracker Barrel. Luxury overLoaD
“It’s not Mac & Cheese. It’s Macaroni & Cheddar,” the Ramey describes luxury as “a mindset increasingly
ad states, tongue in cheek, with a wink to the read- enhanced by experience.” If there’s one thing he
ers’ upscale tastes. “Where can your brand be seen fears, however, it’s the rampant overuse of the word
where it sticks out?” Ramey asked the audience.
— noting the modi er has appeared in advertise-
ments touting “luxury farm equipment” as well as a
Go GLobaL
retail slogan “Luxury at $10” for Bijoux Terner.
The luxury market is global, and includes brands What is important to recognize, according to
such as Pucci, Fendi, Marc Jacobs, Donna Karan, Ramey, is “What is luxury to you is not necessarily
Givenchy, TAG Heuer, DeBeers, Cartier, Van Cleef luxury to your best prospects.” To drive that point
& Arpels, Boucheron, and Saint Laurent, among home, he asked the audience whether they felt it
others. He pointed to last year’s fall event in which would be more luxurious to y in a Learjet or in a
the fashion brand Lilly Pulitzer® collaborated with commercial plane. Everyone agreed on the Learjet.
Southwest Airlines at Palm Beach airport to cel- “But to a Gulfstream owner, ying in a Learjet is
ebrate the late founder Lilly Pulitzer’s birthday with crap,” he joked, adding, “Luxury is subjective.”
giveaways featuring the brand’s signature prints. While consumers can easily ra le o the names
Furthermore, Lilly Pulitzer prints have also turned of luxury cars, jewelry, and fashion brands, Ramey is
heads as decorative all-over car wraps for Jeep® quick to point out that home décor is a “bo om-of-
Wranglers as well a custom yacht in the name of mind” category when it comes to luxury. “We have
unexpected marketing.
to work together to defy the devaluation of design,”
“The a uent expect their ‘big ticket’ and luxury Ramey noted.
resources to have worldwide recognition. This is Before we can start courting the wealthy market,
one of the reasons why organizations such as Luxury we must rst know more about them. According
Portfolio, Relais & Château, The Home Trust Inter- to statistics Ramey culled from various resources,
national, and Leading Hotels of the World are so 80 percent of a uent consumers were raised in
successful — they provide global presence,” Ramey a middle class environment and have been a u-
explained. “Where can you go that will expand and ent for less than 25 years. “Wealth is a new thing
elevate your brand?” Ramey suggests brands do to them,” he remarked. “Most of the a uent have
one-quarter of their marketing outside of their pri- not lost their middle class values.” He pointed to
mary market. “High net-worth individuals travel,” he the statistic that 57 percent of the top 10 percent
commented.
(a uent) live in a home worth less than $500,000.
44 enLIGHTenment magazine | september 2017
www.enlightenmentmag.com
