Attraction Marketing

Image courtesy miniwatts-email-marketer.com By Christopher Zoukis

According to the Luxury Marketing Council, the regular retail mass market experiences a 4% to 6% growth annually. Contrast those numbers to the annual growth of the luxury retail market, which has averaged growth of 20% to 32% each year for the last fourteen years (from 1998 to 2012).  Forecasters predicted the luxury market would approach $2 trillion per year in 2014. 

Who is purchasing all these luxury products? There are 2.7 million customers in the United States with liquid portfolios of $1 million or more. Of those 2.7 million affluent customers, 1.2 million have a net worth of over $5 million. And their numbers are increasing at the rate of 100,000 per year. Add to that the fact that there were 215 million people in the United States over the age of 50 in 2010. This means over the next 20 years $12 trillion in inheritance will change hands. 

The rich are definitely getting richer

Of those getting richer, 10 million of them are self-employed women, entrepreneurs who are running and growing their own businesses. In fact, at least 20% of the people in the workforce are self-employed, and they control a whopping 70% of the wealth. Of those classified as ultra-rich, 50% are self-employed.

The U.S. Census reports provide much interesting information about the affluent self-employed. Seventy

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Specialized Marketing: Status Psychology

By Christopher Zoukis

All of life is nothing more than an eternal quest for status,” says Tom Wolfe, the bestselling novelist.

Nancy Etcoff, author of Survival of the Prettiest, maintains that affluent men market themselves to members of the opposite sex through “displays of status and resources.” Etcoff goes on to quote Ovid, who said almost the same thing 2000 years ago: “Girls praise a poem, but go for expensive presents.”

Status, according to Etcoff, who is one of the world’s leading psychologists, is psychological because it is based on comparison. One person has more status than another person because he has more money, or is better looking, has a more prestigious job, lives in a bigger house in a more desirable neighborhood, wears more stylish clothes, drives a more expensive car, has a prettier wife, and so on. The list is endless. All human beings participate in this comparison, this hunt for status.  Image courtesy statuskicks.com

Status may be psychological, but is often conferred by “things.” This means luxury products and services can confer status. Like everyone else, affluent people seek status. Which means understanding and targeting the psychological concept of status is an important part of marketing luxury brands to the affluent customer.

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