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2,250 affluent panel members Household incomes of $100,000+ And Agreement with 5 of 6 psychographic Owning good-quality things brings me enjoyment. I like to stand out from others. I am usually one of the first to try new products/services. I think of myself as a creative person. I try to keep up with technological developments. I believe in protecting the environment. An ongoing effort to track, chronicle, and contextualize the habits of New Affluents and make that intelligence available to trend watchers. The New Face of Affluence Panel
A specific recent important personal purchase. They identified the purchase type, brands under consideration, pricing as well as personal motivators, product attributes, and factors related to brand selection.
The New Face of Affluence Studies Panelists are asked about:
Overall life values, current concerns, and factors in general decision making
Attitudes and motivations around consumerism and brands
Brand engagement and advocacy
Age Breakdown 18% 28% 54%
I rely on my own personal taste rather than trends I like to offer advice to others People often ask my advice when making important purchase decisions I consider myself and opinion leader 95% 91% 90% 85% 79% 23% Influential and independent 94% 74% 71% 66%
Busy Modern Lives 85% spend their free time either working out or developing new skills and knowledge 78% of them travel and enjoy socializing with friends and family. 58% devote time to helping take care of others, whether that means their parents or people in their community 16% say “It’s easy for me to prioritize and find balance in my life.”
These core concerns are “top of mind” when New Affluents make decisions for themselves or their families.
New Affluents’ purchase decisions are inspired by a strong sense of self.
New Affluents Identify Important Aspects of Life 93% Enjoying Good Physical Health 93% Maintaining Emotional Stability 72% Protecting The Environment 69% Achieving Financial Success 65% Earning Career Success 63% Raising a Family 35% Being Active in the Community 12% Achieving Status in Society
Important Aspects of Life: Parents’ Generation at Same Stage of Life 45% / 93% Enjoying Good Physical Health 45% / 93% Maintaining Emotional Stability 7% / 72% Protecting The Environment 61% / 69% Achieving Financial Success 45% / 65% Earning Career Success 87% / 63% Raising a Family 25% / 35% Being Active in the Community 24% / 12% Achieving Status in Society
60% agreed completely with the statement “ Technology is indispensable to the way I communicate.”
Smartphones: from nicety to necessity Do you use any of the following smartphones as your primary communication device? Mobile technologies are driving brand interaction
iPad: a breakthrough communications (and marketing) device Source: Dwell Affluence Panel June 2010 Base: 762
23% My decisions are influenced by the opinion of others 95% 91% 90% 85% 79% 77% I care how and where products I buy are made 29% 23% Meaningful Materialism 95% I feel good when I make a smart purchase decision 91% Over-consumption is problematic in our society 90% I consider myself a discerning consumer 85% I would prefer to have fewer, higher-quality items in my life 79% I seek out products that are authentic and meaningful 29% The products I buy reflect my social status
Brand Value Does Sustainability Matter? Is Luxury Dead?
Brand Value Rather than thinking of their purchases as products to consume, the New Affluents are looking for a different relationship with what they buy. The days of rolling out top-down, controlled brand introductions and messaging are going the way of trans fats. Quickly being replaced by a new way of interacting with consumers—a dialogue.
New Affluents reveal a remarkable willingness to consider all brands on an equal footing. 692 brands were identified when asked to name brands they admire. 86% will pay more for a brand they like. 68% feel a personal connection with brands they admire. 53% want brands to engage with them in more meaningful ways. 53% say great brands create experiences not products.
Success brands deliver an emotional connection When a brand that you admire or that you recommend to others succeeds, which of the following describe how you feel? Source: Dwell Affluence Panel June 2010 Base: 762
Admired brands earn loyalty and personal connection How much you agree with the following statements about this brand: 96% I am completely satisfied with my purchase decision 94% I readily recommend this brand to others 85% If this brand were to disappear, I’d miss it 71% If I had to, I’d go to extra lengths to acquire this brand 69% I’m passionate about this brand
Creating Brand Advocates 97% Discuss a brand with friends relatives and colleagues 97% Recommend a brand to others 57% Post an online review about a brand 55% Attend live events hosted by a brand 54% Post a comment about a brand on a website or blog 23% Blog about a brand
“ I look for brands that do not depend on trends, celebrity endorsements or "deals" to convince me to purchase. I look for design and style that is timeless and well made.” “ If I find a brand I like and learn to trust for quality, design, and value, I look there first and try new products they offer.” “ Authenticity comes with an ‘ahhhh.’ It takes me by surprise and has functionality and innovation. Then I say, ‘Of course!’” “ I like their design, their lack of complication and am proud to associate my 'brand' with theirs.” In describing a preferred brand…
Does Sustainability Matter?
Q: Which of the following are top of mind in your everyday thoughts as you make decisions for YOURSELF/YOUR FAMILY? Question Type: Multi-select Base (Total Respondents): 1075 Top of mind issues contributing to personal decision-making
When making an important purchase…overall quality, good design and functionality outweighed sustainability Q: Thinking about this purchase, how influential were these product attributes in your decision-making process? Question Type: Single-select, 3-point scale (Highly Influential, Somewhat Influential, Not a Factor) Base (Total Respondents): 1075
Sustainability is a more influential product attribute in categories with substantial product offerings Q: Thinking about this purchase, how influential were these product attributes in your decision-making process? Question Type: Single-select, 3-point scale (Highly Influential, Somewhat Influential, Not a Factor) Base (Total Respondents): 1075
How much do you agree with each of these statements about purchasing everyday items for your household? Consumer Statements: Top 2 Box Agreement (4, 5) “ 5” means “Agree Completely” and “1” means “Disagree Completely.” Health, Sustainability & Environment Total I care about sustainable production of food and grocery items 89% Responsible and recyclable packaging is important to me 89% I prefer to buy organic products when I can 76%
How much do you agree with each of these statements about purchasing everyday items for your household? Consumer Statements: Top 2 Box Agreement (4, 5) “ 5” means “Agree Completely” and “1” means “Disagree Completely.” Health, Sustainability & Environment 18-34 35-49 50+ I care about sustainable production of household items 92% 87% 85% Responsible and recyclable packaging is important to me 96% 88% 88% I prefer to buy organic products when I can 71% 77% 75%
How influential were these aspects in your decision-making process? Question Type: Single-select, 3-point scale (Highly Influential, Somewhat Influential, Not a Factor) How influential were these aspects in your decision-making process? Influential 18-34 35-49 50+ Personal taste 71% 54% 49% Organic 77% 72% 56% Brand 74% 82% 86% Price 74% 80% 72% Environmental responsibility 81% 77% 79% Value for the money 95% 93% 94% Past experience 97% 95% 95% Overall quality 100% 99% 100% Healthfulness 100% 99% 100%
Is Luxury Dead?
When evaluating brands for purchase, Luxury ranks extremely low. Q: How influential were these aspects of the product’s brand in your decision-making process? Question Type: Single-select, 3-point scale (Highly Influential, Somewhat Influential, Not a Factor) Base ( Selected BRAND as "Highly Important" or "Important" ): 833
New Affluents value qualities associated with Prestige Brands Aesthetics Innovation Integrity Originality Authenticity
lux·u·ry lək-sh(ə-)rē, : something adding to pleasure or comfort but not absolutely necessary pres·tige pre-stēzh : standing or estimation in the eyes of people : weight or credit in general opinion Source: Merriam-Webster Online 2010
How much do you agree with each of these statements about purchasing everyday items for your household? Consumer Statements: Top 2 Box Agreement (4, 5) “ 5” means “Agree Completely” and “1” means “Disagree Completely.” Design Total I look for well-designed packaging and labeling 71% Design is relevant to me, even for everyday items 69%
How much do you agree with each of these statements about purchasing everyday items for your household? Consumer Statements: Top 2 Box Agreement (4, 5) “ 5” means “Agree Completely” and “1” means “Disagree Completely.” Quality, Authenticity & Reputation Total I expect the products I buy to deliver on their promises 97% I need to trust the companies that provide me with goods + services 87% Buying the highest-quality household goods is worth it 78%
The Brand Value Scorecard Detailed category- and brand-specific research conducted among New Affluents
2010 Category Studies:
Kitchen & Bath (November)
Home Furnishings (November)
Sustainability – How green is your brand? (December)
These reports answers questions about your brand and competitors:
How is your brand perceived by New Affluents and why?
What kind of relationship do New Affluents expect to have with brands in your category and why?
How to create a powerful brand experience with New Affluents?
How to create brand loyalty and brand advocacy among New Affluents?
How do New Affluents engage with your brand and your competitors online and build connections using social media and mobile apps?
Does your brand measure up? For more info: Contact email@example.com
Takeaway: The Whole Brand Experience Define the complete brand experience that reflects your brand’s values. Imbue your products with these values, and reiterate them every time you touch the customer—product, packaging,messaging, delivery, support. Understand the ways to connect effectively with this consumer—mobile communications, social networking, affiliating with brands that the New Affluents admire. Design an ongoing positive relationship— great quality, reliability, and innovation. If every aspect of the brand is imbued with these values, you’ll attract the New Affluents and maintain a long relationship with them.