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(More customer reviews)In this book, the author gives a thorough analysis on the contemporary U.S. luxury market and presents principles to the marketers who would like to capture this market successfully.
In the first two chapters of the book, the author defines today's luxury market and the term "new luxury." In short, new luxury is more about experience than about money or expensive things, although such an experience cannot be obtained without money. As Americans, especially the baby boomers, have more disposable income to spend, what they crave is the experience of self-actualization and expression of individuality. This is different from the old snobbish and arrogant concept of luxury, which emphasizes exclusivity. For example, having some quietness for taking a cup of good coffee while enjoying the view of the city is counted as a luxurious event by some people.
In chapter three, the author defines the consumers in this luxury market with basic demographic information. In subsequent chapters, discussion continues along the four traditional Ps in Marketing: Product (what different luxury consumer groups buy and why), Price, Promotion, and Place (where they shop). One interesting finding is the fact that, these shoppers are frugal and they are bargain hunters. They buy everything on sale unless sales are not common in a category, such as fragrances and beauty products. They do not need to shop this way but do so because they are wise and value-conscious.
Then the author's writing turns to the marketers with important advice derived from the nature of this market, distinguishing the myths from the facts. The last chapter is a summary of the book.
The contents of this book are based on empirical research performed by the author and her colleagues. In addition,
it includes the personal opinions of many people doing business in the luxury market. These interview excerpts add valuable practical information to the book and enhance the validity of the contents. The writing style of the author is clear and easy to understand.
I see this book as another step beyond Trading Up. It gives an even more focused treatment to this social trend of consumer spending. The title of the book, Let Them Eat Cake, is derived from the author's statement "Let your consumers go to Wal-Mart to get their plain white bread, but when they come to you, `let them eat cake here!'"
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This book shows marketing professionals how to position their products to take advantage of the $77.7 billion luxury market. In &I
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