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As the dynamic online medium continues to adjust and improve, advertisers are altering their marketing strategies to incorporate their products into this fast-paced, effective advertising vehicle. Simultaneously, marketing professionals are also analyzing the ever-changing consumer. The affluent luxury market tends to be fluid, where purchase decisions and lifestyle choices are constantly adapting. However, the elements that influence their choices to “create” their lifestyle are fairly consistent. Most of the affluent population wish to keep up with the new trend, be cultured, and ultimately, to live luxuriously.
Over the past few years, marketers have noticed a rising subset in the affluent market. This new subset has been considered the “cultural drivers,” they are at the forefront of any major shifts in the US market and they have redefined and broadened what influences their lifestyle choices. This trend-setting group is increasingly interesting to marketers, and many struggle to understand them.
Vanity Fair Magazine, realizing that many of their readers are part of this influential domain, spearheaded a research project with Group SJR, Yankelovich MONITOR, and Lieberman Research Group, titled: “Cultivated Consumers: Redefining the Affluent Ego.” Results of the research were presented in major cities across the country, and Tahiti Tourisme North America representatives were given the opportunity to attend one of the presentations this past week in Marina Del Rey, CA.
Vanity Fair found that “Cultivated Consumers” are 28% of affluent Americans age 21-54, with a minimum household income of $100,000 + , which equals roughly 9.5 million of the affluent Americans, or 3% of the total U.S. population. Cultivated Consumers were characterized through the following differences in the research:
1.Cultivated Consumers have a highly refined personal sensibility • 30% agree that “I have a critical eye for differentiating between true product qualities versus slick marketing”
2. “Knowledge” is the new “vanity” • 46% are more likely to agree that they want to know everything about the issues they feel strongly about • 29% are more likely to say that making him or her feel smart is a purchase motivator
3. Cultivated Consumers distance themselves from Blatant Status Seekers – creating a new definition of success: • They admire people who balance traditional status symbols (expensive clothes, expensive homes, knowledgeable about wine, etc.) with completely new symbols (like being well-read, having great personal style, giving to charity, looking for ways to improve themselves) • 39% more likely than the average Affluent to believe that travel to exotic places will give them a boost in how others view their success • 71.8% of Cultivated Consumer (vs. 53.9% of the national affluent consumers) value travel and the global experience
4. Social responsibility is a large growing, aspect of this segment: • 39% more likely to buy products from companies that give money to causes they care about • Sustainable tourism is an important consideration
5. Peer-to-peer networking – in contrast to the typical “pyramid” of influence, these people cultivate knowledge, ideas and brands in a horizontal way (no hierarchy in one’s network) • 34% more likely to have purchased products or services that are recommended by their network • 33% more likely to often share information about products, services and experiences with their network
6. Top spenders • 36% more likely than the national affluent consumer to spend big in 3 or more product categories (including travel) • Pay more for personalized products to differentiate themselves from the rest
7. Global yet authentic experiences • 58.7% of Cultivated Consumers (vs. 41.3% of the affluent average) believe “travel influences my personal style” • More than 50% want to be assimilated in local culture when traveling
Cultivated Consumers are essential consumers in luxury travel. Aside from their affluence, their constant quest for knowledge provides them with the necessary information in order to make a confident purchase, in which they know they have received a value for their high-end vacation. While they strive for luxury, these affluent consumers actively pursue destinations that are exotic and authentic. They hope to gain a “down-to-earth” experience as they are fully immersed into the local culture.
Ultimately, Cultivated Consumers want an authentic, exclusive vacation experience to be able to flaunt a desired aspect of the cultured lifestyle. Unknowingly, they mark the beginning of a new consumer trend. |
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