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Trading Up The New American Luxury

ISBN-10: 1591840139
ISBN-13: 9781591840138
Edition: 2003
List price: $26.95 Buy it from $1.00
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Description: A fascinating look at why millions of consumers are "trading up" to premium goods, and how companies can profit from this phenomenon. Middle-market consumers have more discretionary income than ever before and are willing to pay extra for "new  More...

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Book details

List price: $26.95
Copyright year: 2003
Publisher: Penguin Group (USA) Incorporated
Publication date: 10/13/2003
Binding: Hardcover
Pages: 336
Size: 5.75" wide x 9.25" long x 1.00" tall
Weight: 1.518
Language: English

A fascinating look at why millions of consumers are "trading up" to premium goods, and how companies can profit from this phenomenon. Middle-market consumers have more discretionary income than ever before and are willing to pay extra for "new luxury" goods and services-items that deliver higher quality, technical advantages, and superior performance to conventional products. Above all, consumers are looking for emotional engagement-they look to products to help them manage the stresses of everyday life, and to help them realize their aspirations. A new luxury good may be as simple as a shampoo ($9 from Aveda, versus $3 from Suave) that brings moments of comfort and sensual pleasure, or as complex as a car ($26,000 for a bottom-of-the-line Mercedes, versus $20,000 for a Pontiac) that delivers feelings of safety and excitement. Clothing, cars, beer, coffee, kitchen appliances, lingerie, personal care, pet food, restaurants-in dozens of categories, new luxury goods occupy a sweet spot in the market, because they can sell in much higher unit volumes than "old luxury" goods, but command much higher profit margins than ordinary products. But new luxury leaders-such as Callaway Golf, Victoria's Secret, Panera Bread, Belvedere vodka, Whirlpool Duet, and Williams-Sonoma-create andmarket their goods very differently than do conventional companies. Trading Upexplores what's driving this move to premium goods, tells the inside stories of many New Luxury companies and their leaders, and offers insights and methods that can help the reader take advantage of this remarkable phenomenon. The book is based on the authors' experience in helping clients create billions of dollars worth of New Luxury products as well as on exhaustive supporting research.

Michael J. Silversteinis senior partner and managing director of the Boston Consulting Group, and the author of Treasure Hunt. He led the firms consumer and retail practice for a decade. Neil Fiske, formerly a partner at BCG, is CEO of Bath and Body Works, and now applying the rules of Trading Upin a $2 billion retail business.

Foreword
Preface
Trading Up to New Luxury
Trading Up to New Luxury: An Overview
The Spenders and Their Needs
The Creators and Their Goods
Where Goods and Emotions Intersect
The Leaders
The World Is a Sexy Place
Eating As an Emotional Experience
Only the Best for Members of the Family
Inside the New American Home
Awakening the American Palate to Wine
The Old World in New Luxury Bottles
Demonstrably Superior and Pleasingly Different
A Cautionary Tale of an Old Luxury Brand
Excelsior
The Opportunity
A Work Plan
A Call to Action
The Back Story
Luxury: A Philosophical and Historical Context
About Our Sources
Acknowledgments
Index

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