The Fashionable Affluent Trend Report From Unity Marketing Decodes the Affluent Consumers' Fashion Choices and Shopping Mindset Through 2014
Stevens, PA (PRWEB) July 11, 2013 -- It should come as no surprise that the moneyed class shop for fashion more frequently and more fervently than any customer segment in the market. In 2012 the affluent consumers, defined as those at the top 20 percent of U.S. households based on income, accounted for about 40 percent of the total $361.2 billion fashion market, according to a new report from Unity Marketing.
And the affluent’s generous spending was responsible for the lion’s share of growth in the fashion market in 2012 as well. The overall fashion market posted 4.8 percent growth year-over-year, while the affluent segment spent 8 percent more from $131.9 billion in 2011 to $142.5 billion in 2012.
That puts into perspective the importance of a new study of the high-end fashion customer from Unity Marketing, entitled The Fashionable Affluent: Decoding the Fashion Choices of Affluent Men and Women Shoppers. The affluent fashion shoppers are the heavy lifters in the consumer economy, who account for a far greater share of any company’s revenues and profits, whether they intentionally target the affluent segment or not.
Marketers need to understand the current mindset of fashion shoppers in order to create successful marketing and branding strategies
Based upon a survey of 1,269 affluent consumers (average income $264,300; 42 percent male/58 percent female; 46 percent aged 24-44 years/54 percent aged 45-70) Unity Marketing took the pulse of the customers that matter most to fashion retailers, marketers and designers: shoppers with discretionary income that allows them to update their wardrobes at will. “Three-fourths of the luxury consumers surveyed plan to make a fashion purchase over the next twelve months. Further 25 percent of planned clothing buyers and 20 percent of fashion accessories buyers expect to spend more in the coming year as compared to last; a very positive perspective,” says Pam Danziger, president of Unity Marketing and lead researcher in the new investigation.
“But marketers shouldn’t make the mistake to think it will be easy to get their share of the affluents’ bigger fashion budget through 2014. There are significant challenges ahead given the current mindset of these shoppers,” Danziger warns. “Our aim in this study is to put some of the common misconceptions about the well-off fashion customers to rest and reveal the true profile of the affluent customer who will be shopping in the future.”
Among the key findings:
• Women’s and men’s fashion profiles vary widely – “When it comes to fashion shopping, men are definitely from Mars, and women from Venus,” Danziger says. “Women are far more likely to plan to shop for casual clothing, while men will invest more in professional, business attire. Fashion accessories remain the obsession for women, but with a planned accessories budget averaging about $1,500 in the coming year, that doesn’t allow for the purchase of too many Louis Vuitton purses or pairs of Louboutin heels.”
• Time for fashion designers to recognize the mature woman and her needs – “Fashion designers in general have been slow to embrace the customer who doesn’t fit the body image that they like to see on the runway which is young and thin,” Danziger explains. “Traditionally the fashion business has been a youth-skewing business with styles fitted to a younger woman’s figure. But in this survey we found mature women aged 55-70 years were just as active planning clothing purchases as those aged 24-34 years. Retailers and designers need to be ready to meet this overlooked customer segment with fashions styled and sized for her and appropriate for her lifestyle.”
• The affluent, just like the rest of us, want to save when shopping for fashion – “While the affluent have plenty of money to spend, they simply don’t want to pay full price when it comes to fashion,” Danziger reveals. Affluents estimate that more than half of the fashion items bought in the past year were on sale or at a discount. Further store sales and discounts are a key factor that sends them to the store to shop. “In the latest survey price rose in relative importance in the affluent’s purchase decision, as compared with a similar survey conducted in 2011. Today’s affluent shopper is far more interested in finding attractive styles sold at discounted prices. Designers and retailers that hit the right combination of price and style, coupled with a strong designer brand will attract more of his or her spending.”
Three unique personality segments in the fashion market are studied – Successful marketers must understand how to sell to each
The Fashionable Affluent report also explores the prevalence of three distinct personalities of fashion shopper and their unique shopping patterns. Only about one-fourth of the affluent consumer market is defined as a ‘fashion-forward’ shopper, who spends lavishly and shops often for new fashion items. The other two personalities, fashion pragmatist and fashion minimalist, both spend far less on fashion than the fashion-forward personality, thus challenging designers, retailers and marketers in how to encourage them to buy their wares. Customizing customer service to each personality is key.
The report identifies the store sales associate and customer service as critical in turning lookers into buyers. “Fashion sales assistants need to be trained to understand the different types of fashion customers and how best to sell to their unique consumer psychology. A highly-confident fashion-forward personality is looking for something entirely different when shopping than is the minimalist or the pragmatist. One-size-fits-all sales efforts will not be effective. Retailers need to work with their sales staff to understand the different types of fashion customers and to service each of them properly in order to satisfy their special needs and desires,” Danziger concludes.
This report provides marketers, retailers and their advertising partners with direction for what the fashionably affluent male and female shopper expects in terms of fashion designs, styles, price and especially service when shopping to update their wardrobes.
About Pam Danziger and Unity Marketing
Pamela N. Danziger is an internationally recognized expert specializing in consumer insights for marketers targeting the affluent consumer. She is president of Unity Marketing, a marketing consulting firm she founded in 1992. Pam received the Global Luxury Award for top luxury industry achievers presented at the Global Luxury Forum in 2007 by Harper's Bazaar. Luxury Daily named Pam to its list of "Women to Watch in 2013."
Pam's latest book is Putting the Luxe Back in Luxury: How new consumer values are redefining the way we market luxury (Paramount Market Publishing, 2011). Her other books include Shopping: Why We Love It and How Retailers Can Create the Ultimate Customer Experience, published by Kaplan Publishing in October 2006; Let Them Eat Cake: Marketing Luxury to the Masses-as well as the Classes, (Dearborn Trade Publishing, $27, hardcover) and Why People Buy Things They Don't Need: Understanding and Predicting Consumer Behavior (Chicago: Dearborn Trade Publishing, 2004).
Pam Danziger, Unity Marketing Inc., http://www.unitymarketingonline.com, 717.336.1600, [email protected]
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