Jove
Visualize
Contact Us
JoVE
x logofacebook logolinkedin logoyoutube logo
ABOUT JoVE
OverviewLeadershipBlogJoVE Help Center
AUTHORS
Publishing ProcessEditorial BoardScope & PoliciesPeer ReviewFAQSubmit
LIBRARIANS
TestimonialsSubscriptionsAccessResourcesLibrary Advisory BoardFAQ
RESEARCH
JoVE JournalMethods CollectionsJoVE Encyclopedia of ExperimentsArchive
EDUCATION
JoVE CoreJoVE BusinessJoVE Science EducationJoVE Lab ManualFaculty Resource CenterFaculty Site
Terms & Conditions of Use
Privacy Policy
Policies

Related Experiment Videos

Luxury for the masses.

Michael J Silverstein1, Neil Fiske

  • 1Boston Consulting Group, Chicago, USA.

Harvard Business Review
|April 12, 2003
PubMed
Summary
This summary is machine-generated.

A new class of affluent consumers is driving the growth of "new luxury" goods and services. These consumers, with significant disposable income, seek quality, craftsmanship, and emotional connection, paying premiums for unique products.

Related Concept Videos

You might also read

Related Articles

Articles linked to this work by shared authors, journal, and citation graph.

Sort by
Same author

Associations between parent posttraumatic stress symptoms (PTSS) and later child PTSS: Results from an international data archive.

Journal of traumatic stress·2022
Same author

A Placebo-Controlled Trial of Lisdexamfetamine in the Treatment of Comorbid Sluggish Cognitive Tempo and Adult ADHD.

The Journal of clinical psychiatry·2021
Same author

The Adult ADHD Quality Measures Initiative.

Journal of attention disorders·2018
Same author

The Relationship Between Executive Function Deficits and <i>DSM</i>-5-Defined ADHD Symptoms.

Journal of attention disorders·2018
Same author

Validation of the Expanded Versions of the Adult ADHD Self-Report Scale v1.1 Symptom Checklist and the Adult ADHD Investigator Symptom Rating Scale.

Journal of attention disorders·2018
Same author

How Informative Are Self-Reported Adult Attention-Deficit/Hyperactivity Disorder Symptoms? An Examination of the Agreement Between the Adult Attention-Deficit/Hyperactivity Disorder Self-Report Scale V1.1 and Adult Attention-Deficit/Hyperactivity Disorder Investigator Symptom Rating Scale.

Journal of child and adolescent psychopharmacology·2017
Same journal

The Case for Capitation.

Harvard business review·2016
Same journal

How to Pay for Health Care.

Harvard business review·2016
Same journal

How to Preempt Team Conflict.

Harvard business review·2016
Same journal

The Secrets of Great Teamwork.

Harvard business review·2016
Same journal

Leading the Team You Inherit.

Harvard business review·2016
Same journal

Wicked Problem Solvers.

Harvard business review·2016
See all related articles

Area of Science:

  • Consumer Behavior
  • Marketing Strategy
  • Economic Trends

Background:

  • Rising income inequality and global cultural awareness have created a new consumer segment.
  • This segment, comprising middle-market individuals (earning $50,000+ annually), possesses substantial disposable income.
  • These consumers are increasingly seeking higher quality and taste, moving beyond mass-market offerings.

Purpose of the Study:

  • To define and analyze the emerging
  • new luxury
  • market.
  • To identify the key drivers and characteristics of this new consumer class and the products/services catering to them.
  • To explore the supply-side factors enabling the growth of new luxury businesses.

Main Methods:

Related Experiment Videos

  • Analysis of consumer spending patterns and market trends.
  • Examination of product development and marketing strategies in the new luxury sector.
  • Assessment of economic and global trade factors influencing production and pricing.

    • Main Results:

    • Middle-market consumers are willing to pay 20%-200% premiums for well-designed, artisanal products.
    • New luxury goods, even necessities, evoke emotional responses and aspirations.
    • Entrepreneurs leverage global sourcing and advanced manufacturing for high-quality, high-volume, high-priced goods.
    • New luxury companies achieve superior profitability and growth compared to conventional competitors.

    Conclusions:

    • The
    • new luxury
    • market represents a significant opportunity for businesses.
    • Companies must adapt to meet the demands of affluent middle-market consumers seeking quality and emotional value.
    • Understanding and catering to the
    • new luxury
    • phenomenon is crucial for sustained market share and profitability.