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By Gary
Sain
Although there are concerns
about the stock market and a renewed anxiety regarding job security,
Americans’ expectations about their lives and futures—financial
and otherwise—have created “Affluent Expectations”. This
has been fueled by the abundance of resources...access to information,
job options, and marketplace options. The affluent attitude has gone
mainstream.
This attitude is much more
than just money...it is being accessible to much of what was once only
for the affluent...from gourmet coffee and sushi to golf and adventure
vacations. Now, a much larger part of our society has an abundance of
optimism, an abundance of technologies, an abundance of access and an
abundance of money. And they feel the abundance affect will last. Two-thirds
of Americans believe that in the year 2010, the economy will be as good
as it is today or better. Only 13% think their lifestyle would be very
seriously affected if the economy takes a downturn accordingly to the
2001 Yankelovich Monitor.
So, how can we leverage this
“Abundance Affect”? According to the 2001 YPB/Yankelovich
National Leisure Travel Monitor...
Make high-end products/services
mainstream
An abundance of options means products and services that have historically
been “high-end” are increasingly going mainstream and becoming
commonplace. An affluent attitude implies affluent marketplace expectations
for practically every product in every dimension, including, product
quality/features, customer service, aesthetics and ergonomics.
Ratchet up for the real
affluent
If attributes that were previously reserved for the affluent increasingly
go mainstream, then their must be a ratcheting up of products and services
to achieve the necessary differentiation for the high end market.
Provide luxury value
Even today, high-end products and services increasingly need to provide
a reasonable value proposition in satisfying emotional needs they might
meet. Expect that providing luxury value at the high-end to become a
necessary as these products go further mainstream to more middle-class
and lower income individuals.
Offer boutique service
Individuals are increasingly expecting upscale experiences and VIP treatment
from business at every level. Even mass merchants, for example, can
respond to this expectation by offering chair massages, coffee while
shopping, nice gift-wrapping, customer service kiosks with web access,
etc.
Reinvent exclusivity
As once exclusive products go mainstream, exclusivity becomes elusive.
Providing new and innovative forms of exclusivity will prove to be a
powerful differentiator.
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