In 2012, The American Affluence Research Center (AARC) surveyed 522 affluent men and women. The average household income of those surveyed was $304,000. Average net worth was $3.1 million, and the average value of their primary residence was $1.8 million. The survey revealed that the most desired quality of any luxury purchase was exclusivity. Those surveyed indicated they expected to remain loyal to brands offering exclusive luxury.
Tiffany & Co. agreed with AARC’s survey results. The company’s marketing plans revolve around the concept of exclusivity. In fact, that’s what Tiffany & Co. sell, privileged exclusivity. Only instead of calling it exclusivity, they call it “statement jewelry.” As part of the experience of buying a precious stone, in 2006 Tiffany started offering to take clients to a diamond mine. After watching the diamond being cut out of volcanic rock, the client chaperones the stone home, where the client actually helps decide how the diamond will be cut. The cutting or shaping of the stone takes place in Canada or Belgium. From there, the client travels with the diamond to Tiffany’s headquarters in New York City, where experts create a one-off design for the stone. Depending on the size of the stone, it could be used in a necklace, tiara, pendant, etc.
The affluent customer’s entire experience at Tiffany revolves around the feeling of exclusivity. It is the thrust of Tiffany’s marketing. And the same concept can be adopted by any company marketing luxury products to their customers.