Pam Danziger

The luxury market is facing disruption.

Four key factors are in play:
• Increasing global economic and political turbulence
• Rise of wealth class causing pushback from those in the "under class"
• Industry's need to adapt to the human side of digital disruption
• Emergence of a young digitally-powered consumer with new ideas of what luxury is and what it means in their lifestyle.

Luxury brands face a complicated balancing act in 2020 and beyond as they are forced to navigate macro trends. It will require luxury brands to more effectively communicate their brands' value proposition. That takes marketing. And that too has been disrupted.

Marketing got disrupted officially back in 2013, when the American Marketing Association changed the definition of marketing. It went from the old 4Ps definition which most of us practicing marketers were drilled in: Product, Price, Promotion, Placement, to a new one based on the idea of value expressed by the new 4Es, where Experience replaces Product; Exchange is the new Price; Evangelism becomes the new Promotion and Everyplace evolves from Placement.

This 70-page book explains how luxury brands must evolve their marketing messages to the new 4Es model of marketing and presents case studies of brands that have made the shift.

What Do HENRYs Want? Your guide to reaching the most important affluent demographic -- High-Earners-Not-Rich-Yet New mini-book by speaker, author and luxury marketing expert Pam Danziger. Gain new insights and understanding about the HENRYs, the high-earners-not-rich-yet mass-affluent customers, who are the new mass-market consumers with discretion & future target market for luxury brands. This mini-book is a quick and concise overview of the HENRYs, why this new demographic is important to brands and how to connect with this high-spending customer, poorly understood by marketers serving both the mass market and the luxury markets. It includes a look at brands, including two in-depth case studies, that are capturing the brand loyalty, and spending power, of the HENRY customer.

Meet the HENRYs (High Earning Not Rich Yet households with incomes of $100,000 or more). They along with their wealthier counterparts, including the sometimes overlooked millionaires living next door, make up the top 20 percent of household incomes in the U.S. and account for more than 80 percent of all luxury spending. You will find them in the lobbies of five-star hotels, at boutique counters, and on the sales floors of high-end department stores. They can also be found at auto shows and in art galleries, and they are often major contributors to a wide spectrum of not-for-profit organizations.
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The recent history of shopping has been defined by decade-long periods of dynamic change. The ’90s were the decade of the discounters, as Wal-Mart rolled out their discount shopping experience from their base in the heartland to both coasts and many other discounters, Target and Kohl’s among them, following suit. The first decade of the new millennium is the decade of luxury, with retailers offering an expanded range of traditional heritage brand luxury to the “classes,” and retailers serving the mass market offering up new, more affordable versions of luxury for the “masses.” We are now into the second half of that decade and the logical question is “What’s next?” Shopping will answer this question using the three tools that give marketers and retailers “future vision” – as discovered by Pam Danziger.