By any measure, the affluent sector is growing exponentially, and is far more diverse (in terms of ethnicity, education, location, and professional background) than any time in the past. This market represents lucrative opportunities for companies that understand how these customers think, act, and make purchasing decisions. Applying primary research, including demographic and economic data, and expertise developed from decades of studying, teaching, and consulting in marketing and consumer behavior, Ronald Michman and Edward Mazze present a comprehensive approach to analyzing the affluent consumer—and creating, promoting, and selling innovative products and services to them. Illustrating their principles through dozens of examples, including Armani, Mercedes Benz, Brooks Brothers, Neiman Marcus, Merrill Lynch, Tiffany, and even discounters, such as Target and Wal-Mart, the authors deconstruct how a complex market segment works. Dispelling popular myths and misconcpetions about the composition and behavior of this segment, they provide not only a practical guide for marketers and students of marketing, but a fascinating glimpse into a culture driven by materalism, status, and aspirations to luxury.
By any measure, the affluent sector is growing exponentially, and is far more diverse (in terms of ethnicity, education, location, and professional background) than at any time in the past. In 2004, there were 8.2 million households in the United States with net worth over $1 million, excluding primary residence. Meanwhile, between 1995 and 2001, the number of families filing tax returns for income exceeding $200,000 doubled. This market represents lucrative opportunities for companies that understand how these consumers think, act, and make purchasing decisions.
Author Biography:
Ronald D. Michman is Professor Emeritus of Marketing at Shippensburg University in Pennsylvania. Previously, he held faculty positions at the Utica Campus of Syracuse University and at the University of New Hampshire. His articles have appeared in such publications as Business Horizons, Industrial Marketing Management, the Journal of Retailing, and the Journal of Business Strategy, and he served as Associate Editor of the abstract section of the Journal of Marketing and prepared bibliographies for the American Marketing Association. He is the author or co-author of ten books, including Lifestyle Marketing (Praeger, 2003), Specialty Retailers (Quorum, 2001), and The Food Wars (Quorum, 1998), with Edward Mazze.
Edward M. Mazze is Distinguished University Professor of Business Administration at the University of Rhode Island, where he previously served as Dean of the College of Business Administration and holder of the Alfred J. Verrecchia-Hasbro Inc. Leadership Chair in Business. He consults extensively with industry executives and government officials on marketing, management, and economic development issues, and is a member of the Board of Directors of several public corporations. He is the author, co-author, and editor of over 150 articles appearing in such publications as the Journal of Marketing, the Journal of Retailing, the Journal of Advertising Research, and the Journal of Marketing Research, and eleven books, including Lifestyle Marketing (Praeger, 2003), Specialty Retailers (Quorum, 2001), and The Food Wars (Quorum, 1998), with Ronald Michman.
