Marketing Consultation and Brand Coaching
27 Aug

First of all, thanks to all of you who have contributed to this blog on any of the subjects in which I have inquired. I hope now that the summer has passed we can keep a good thing going and growing. As I once again will be teaching this fall, I intend to look for more respondents to join the ACE panel.

This Week's Blog Inquiry

Wealthy consumers are increasingly seeking out memorable experiences over luxury goods in a premium market that has now hit US$1.4 trillion a year, according to the latest survey.

Boston Consulting Group and research firm Ipsos' in their Lux Report state that, "Spending on top-end safaris and other intangibles now accounts for 55 percent of all luxury spending - US$770 billion - as consumers choose to splurge on memories over handbags or watches."

The report goes on to say, "The world's younger affluent consumers are those most likely to choose kite-surfing over Cartier, as people born after 1980 are more likely to define themselves by what they've done rather than what they have acquired. Even in brand-obsessed China, where personal luxury goods serve as a strong badge of status and success, experiential luxury dominates, growing at 28 percent each year."

What are your thoughts on the growth of experiences; exotic vacations, business or professional tours, or maybe academic adventures replacing the quest for materialistic treasures. Is there a different level of status experience provides?