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Time ultimate luxury white paper

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Luxury of Time: A Generational Perspective …

Luxury of Time: A Generational Perspective
Money is fungible; almost anyone can get more of it if they work longer, harder, smarter. Time, on the other hand, is fixed. No one, no matter how much money he or she has, can get one second more of it. That's why how one spends his or her money is far more important than how one spends his or her time. Time is the ultimate luxury because it is the only truly limited resource one has.

While time is the ultimate luxury for everyone, how people perceive time is relative. For a luxury marketer, the number one variable in how the target customer perceives time is age. Young people have a much different time perspective than those who are older.

In today's luxury market, an examination of the three adult generations -- Millennials, GenXers, and Baby Boomers -- provides marketers with insight into how to use time to reach the target audience.

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  • 1. Unity Marketing Luxury White Paper By Pam Danziger
  • 2.  Money is fungible; almost anyone can work longer, harder, smarter and make more of it. So money isn’t so much a luxury after all, simply a reward. Time, on the other hand, is fixed. No one, no matter Ti h h h d i fi d N how much money he or she has, can get one second more of it. it That’s why how one spends his or her time is far more important than how one spends his or her money. Time p p y is the ultimate luxury because it is the only truly limited resource one has. © Unity Marketing, 2012 5/19/2012 2
  • 3. • Puts the emphasis of marketing luxury brands toward the experience, rather than the material thing.• Raises the importance of service in the luxury business. For example, the business example internet is such an important means to service affluent luxury consumers because it is respectful their time.• Changes the whole marketing equation for travel and hospitality marketers who essentially sell services that enhance the individual’s personal experience of time. © Unity Marketing, 2012 5/19/2012 3
  • 4.  These heads of luxury businesses find the ultimate expression of luxury in the quality of how they spend their time, not in material goods. ◦ "Its doing what I want when I want. Luxury is not material,“ says Jean-Marc Jacot, the chief executive of Swiss luxury watchmaker Parmigiani Fleurier. ◦ "For sanitys sake, people should not give up their vacations ... I think that psychologically, it is a nice little reset button for everyone, says Jennifer everyone," Hyman, co-founder and CEO of designer gown rental service Rent the Runway. ◦ "(Luxury is) products that are special, that are differentiated, that make me feel taken care of and pampered. To me, luxury is time,” says Steve Sadove, CEO of Saks Inc . ◦ "For me, luxury is a good hamburger and time with my family. I would describe luxury as something that puts a little spring in your step and something that makes you feel just a little bit better about yourself," says Shawn Kravetz, president of Esplanade Capital. ◦ "E "Everything i much f t W are connected 24 h thi is h faster. We t d hours a d I thi k th t ti day. think that time really is a big luxury, especially for people like me," says Federico Marchetti , CEO of Yoox online fashion retailer. © Unity Marketing, 2012 5/19/2012 4
  • 5. While time is the ultimate luxury for everyone,how people perceive time is relative. For a luxurymarketer, the number one variable in how thetarget customer perceives time is age – Youngpeople have a much different time perspectivethan those who are older. olderIn today’s market, an examination of the threeadult generations – Millennials, GenXers and BabyBoomers – provides marketers with insight intohow to use time to reach the target audience. © Unity Marketing, 2012 5/19/2012 5
  • 6.  Three adult Size of Generations generations are In Millions in the luxury consumer market 80 71 76 today. Each 70 generation values 60 45 50 the l th luxury off 40 time, but each in 30 a unique and q 20 10 special way. 0 Millennials (1980- GenXer (1965- Baby Boomer 2000) 1979) (1946-1964) © Unity Marketing, 2012 5/19/2012 6
  • 7.  Boomers aged 48-66 years Senior executives and S d managers, the “Old Guard” Highly d Hi hl educated, more t d spare time, fewer family obligations 76 million strong — largest generation Boomers totally unlike any generation before ◦ "50 is the new 30" ◦ "60 is the new 40" © Unity Marketing, 2012 5/19/2012 7
  • 8.  GenXers aged 33-47 years Middle managers and Middl d fast-tracking high performers Even more highly educated than boomers, but challenged by demands of a growing family Last mass-media generation GenXers will never fill the void left by boomers in workplace and consumer culture © Unity Marketing, 2012 5/19/2012 8
  • 9.  Millennials aged 12-32 years ◦ Almost as large as Boomers – They are the babies of Baby Boomers Entry level managers, professionals Even more highly educated than GenXers & Boomers but Boomers, financially burdened with education debt First truly internet- internet connected, niche media generation © Unity Marketing, 2012 5/19/2012 9
  • 10.  Baby Boomers look at time in terms of an 80 year lifespan ◦ “What do I want to do with the 20 or 30 years left of my life? What life?” ◦ Day-to-day time pressures take back seat ◦ Health challenges, Quality of Life challenges Ge e s ve GenXers live a highly pressured 24/7 g y p essu ed /7 ◦ “How can I make the most of my 7 day a week, 24 hour day, when I need 8 days, 36 hours each to do it all?” ◦ GenXers feel family pressures, responsibilities Millennials have got plenty of time, but value seeing how the Mill i l h t l t f ti b t l i h th ‘other half’ lives ◦ Most millennials grew up in middle-class homes, with middle- class amenities. ◦ Value the taste of a luxury lifestyle that many have never seen or experienced. Makes them feel ‘grown-up.’ p g p © Unity Marketing, 2012 5/19/2012 10
  • 11.  When it comes to travel, they are looking to explore new worlds, meet new people, make meaningful and lasting connections. That often includes extended family vacations for their children and grand children. They have ‘been there and done that’ when it comes to five-star resort destinations. They want to go off track, to surprising new destinations offering new p g g experiences. They have a bucket list and want to empty it with quality experiences that will give added meaning and value in their lives. Experiences for boomers need to take their priorities and interests into account. For example, they don’t see p , y themselves as old in the way their parents were old. Boomers have a sense of youth and interest in doing young things. For Boomers, luxury marketers need to take ordinary experiences and make them extraordinary by offering up something new, different and special. © Unity Marketing, 2012 5/19/2012 11
  • 12.  Affluent GenXers are two-earner couples juggling the challenges of a growing family and very demanding careers. They really feel the stress from their busy, demanding lives. They have extreme 24/7 time pressure. They want to be good at their jobs, good parents, good partners, good citizens – but all of that takes time, which they have little to spare. When they travel, they want peace, relaxation, time to reflect, reconnect with themselves and their loved ones. Most of all they want to go off the grid. They crave five star resort type services, where they can sit by the pool and lay on the beach. When they it b th l dl th b h Wh th aren’t spending quality time with the kids doing fun activities, they would like the freedom to have their children’s needs met by on-site childcare staff. While they are willing to spend for this kind of five- star l t luxury, th also h they l have h heavy fifinancial d i l demands d in their lives, so they tend to be rigorous in planning their travels, finding deals where they can trade on points for services, upgrades, etc. © Unity Marketing, 2012 5/19/2012 12
  • 13.  Millennials, have plenty of time and a whole lot of energy. They are new to the luxury lifestyle, f Th h l lif l so they enjoy sampling a little bit of this and a little bit of that. And when the sun goes down, they are ready for more. They want active vacation experiences where every minute is enjoyed to the max. For millennials social experiences are key, offering cocktail hours and chances to meet and greet. But like the GenXers, they’re finances are somewhat tight, especially with the debt-load h i h i ll i h h d b l d they are carrying from college. They are looking to maximize their fun for the least amount of dollars. That is one reason all-inclusive vacation experiences are in demand – they can plan in p y p advance for all expenses, no surprises at the end. © Unity Marketing, 2012 5/19/2012 13
  • 14.  If you want to learn more about opportunities for luxury travel marketers, marketers you can order a copy of Unity Marketing’s Luxury Trend Report: Luxury Consumers and Their Luxury Travel Plans 2012 l l If you’d like to learn more about the luxury consumer generations, you can reach out to Pam Danziger at Unity Marketing.  Visit www.unitymarketingonline.com  Call Pam Danziger at 717.336.1600 or  Email: pam@unitymarketingonline.com © Unity Marketing, 2012 5/19/2012 14