Historically, free standing inserts in daily newspapers tended to advertise discount tax preparation services, furniture sales, K-Mart, Wal-Mart, Payless Shoes, a chiropractor’s office, an auto repair shop.
Recently, in a daily newspaper, I found a slick, full-color, 4-page insert for a ‘private lakefront community’ with a Jack Nicklaus golf course, homesites starting at $200,000.00, boat slips available.
It wasn’t all that long ago, incidentally, that the symbol of affluence was a two car household. Now it’s a two house household. On a flight to Orlando, every person in first class owned both a Cleveland home and a Florida home.
An article in the New York Times (4/21/05) asked the question “Who Pays $600.00 For Jeans?”. Upon reading, I discovered, a lot of people do!
In fact, the Secret Circus Clothing Company have produced a pair of jeans (seen in the picture at the top of this post) which have 15 diamonds attached to the back pockets sold for $1,000,000.
In the clothing business, jeans priced upwards from $75.00 a pair are called “luxury denim” and for the past four years, luxury denim has been the fastest growing category in the apparel business. (I buy mine from Blair for $19.00 a pair.)
The “mass affluent” are the fastest growing demographic. For now, I’d like you to consider a few questions.
For example, are you under-pricing your goods or services while selling to somebody who is going to turn right around and pay $250.00 for a pair of jeans?
How aware, informed are you of your customers price and spending behavior, with businesses, goods and services other than your own?
Could I stump you with questions about where they shop, where they vacation, what they buy, what they pay?
Are you failing to craft offers that appeal to the rising mass affluent? And/or are you failing to target them? (Rob mansions – not convenience stores!)