Marketing Specificity

By Christopher Zoukis

According to a national survey conducted by Harris Interactive, 48% of gay and lesbian adults go shopping with the intention of keeping up with the latest styles and trends in luxury goods.  Only 38% of heterosexual adults shop for the same reason. Of the gay men surveyed, 53% like to be up to date as far as fashion is concerned. And 49% of the same group move up to the most recent models of luxury products. One reason for all this shopping is that only 20% of gay and lesbian households contain children. Which means gays and lesbians have more discretionary income than their heterosexual counterparts.  Image courtesy pro2pronetwork.com

These statistics indicate that the market for affluent gay and lesbian customers is just waiting to be tapped. There are 16 million gay customers over the age of 18 in the USA. They represent $641 billion in buying power, according to Harris Interactive.  Gay customers are more likely than heterosexuals to make purchases online with credit cards. And 79% of gays and lesbians indulge themselves with luxury goods and services.

Gays and lesbians seek out and support brands that market specifically to them. With the result that 89% of gays and lesbians are brand loyal.  Compared to heterosexuals, gays and lesbians are four times more likely to shop at Banana Republic. Three times more likely to shop at Bloomingdales. Four times more likely to shop at The Sharper Image. Three times more likely to buy from a Restoration Hardware catalogue. Three times more likely to shop at Crate and Barrel. Four times more likely to shop at Saks Fifth Avenue. Three times more likely to shop at Neiman Marcus.

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Marketing: Surrounding Distractions

By Christopher Zoukis

According to Marketingprofs, an online group of marketing professors, research demonstrates two things affect why affluent customers prefer one luxury product over another product. The first is the product’s “informational components,” which refers to what the product is made of, where it was made, and who made it. The second is the product’s “affective components,” which means how it makes the customer feel.  Photo courtesy of meyersound.com

Of the two, the “affective component” or the sensory element is the one that drastically influences the affluent customer to buy it. In other words, if the product produces a pleasant feeling in the customer, they will buy it, regardless of price. Why?

The experts at Marketingprofs explain that surrounding distractions come into play. Conversation, nearby displays, music, and scenery are examples of distractions. These distractions are not contradictory to pleasant feelings. In fact, they promote pleasant feelings. When customers are distracted, this diverts their thought processes away from the “informational components” of the product. Which means feelings enter the picture. So customers who are distracted rely on how they feel about a product to influence their decisions to buy.

This explains

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