Consumers Find Own Level

The two most frequent comments I hear from the trade are:

1. I’m only interested in the very top of the market – ten items with 14 interested buyers
2. No one wants antiques any more – just mid-Century stuff. My business is dying

To that end I’ve been up to ears in statistics this week trying to get a grip on the market that really exists and how to tap it.

At the top of the pyramid: Merril Lynch-Capgemini World Wealth Report 2009 cites about 100,000 uber-wealthy with $30 million or more to invest. This does not include collectibles, art, etc.

The Luxury Marketing Council takes a slightly broader look at the 8.6 million worldwide with investable assets of $1 million or more.

Then there is the Mass Affluent tier (HH incomes of $150+). After that comes aspirational tier – people looking to buy “up”.

Clearly, the markets exist. Buyers at all levels have interests and their discretionary funds. While buying art and antiques kicks in at the aspirational tier, I don’t know of many people who wake up one day knowing how to shop.   This is where information leaders come in.

Information leaders?

• Journalists and bloggers
• trend setters
• designers
• photographers

All are  people who educate.

Educators rarely hit their target with jargon-tipped arrows and inaccessibility.  They do it with ease and clarity. Information leaders do the same thing. When audiences understand, they make informed decisions about design, style and purchases that reflect their individuality.

This works at the top of the pyramid and the broad base. Educated consumers find their own level. But they have to be taught. Are you speaking their language?