Highest earners are cutting back on spending

In the Current Economy, the Highest-Income Affluents Have Cut Their Spending the Most

In the latest luxury consumer survey conducted after the stock market implosion Unity Marketing found that the ultra-affluents are changing their luxury lifestyles

Stevens, PA October 17, 2008 — For luxury marketers that are counting on their most affluent consumers to see them through the current economic crisis, evidence is mounting that even the most wealthy shoppers can’t provide them protection.

A new Unity Marketing survey of luxury consumers fielded October 3-8, while the stock market was in free fall, found that ultra-affluents who represent the top 2 percent of U.S. households are changing their lifestyles and shopping behavior.

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Using Video to Elevate Luxury Marketing Online

It takes a lot to make a brand site interesting these days, especially when you’re playing in the ultracompetitive luxury goods space. Securing an online audience is even more of a challenge when your brand doesn’t actually sell those products on your site.

Many luxury brands have struggled with how to represent themselves on their sites, in particular how much or how little to offer consumers. Some brands continue to maintain sites that are simply double-page magazine spreads in digital form that link to authorized online retailers. Others, like Tod’s, the Italian leather goods company, have chosen to use the Web to display not just their products but also the lifestyle they represent through innovative site features and technology.

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