By Michael J. Silverstein
First released to media acclaim in October 2003, buying and selling Up published how today’s middle-class shoppers are searching for larger degrees of caliber, style, and aspiration than had ever been attainable before—in their offerings of autos and garments, vodka and beer, golfing golf equipment and dolls, and masses extra. The booklet pointed out a big chance for marketers and innovators, managers and sellers, in each type of buyer items and providers. Now Michael Silverstein and Neil Fiske have completely revised this BusinessWeek bestseller with new examine and new insights into the nonetheless- growing to be phenomenon of buying and selling up.
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Additional info for Trading Up: Why Consumers Want New Luxury Goods... And How Companies Create Them (Revised and Updated)
You can buy a bottle of Suave for two dollars. ” Men, too, seek moments alone but are more likely to retreat to a room equipped with a personal computer, a premium sound sys- The Spenders and Their Needs 37 tem, or a home theater. ” With a household income of $63,000, she spent about $3,000 on a six-speaker Sony Dream System, but even so, it represented a trade down. ” Taking Care of Me goods are also tools that help busy consumers leverage their time better. These include restaurant dining, premium convenience foods for consumption at home, and laundry appliances that make doing the wash easier and less time-consuming.
In our interviews, we found that female consumers are highly attuned to the subtle messages contained in brands, colors, and the minutest details of design, manufacture, and packaging— and from a very young age. Their tremendous sensitivity to and understanding of products, coupled with their greater purchasing power and inﬂuence, means 24 TRADING UP that women are the quintessential New Luxury consumers. They have the means, the motives, and the opportunities to purchase goods—especially goods that meet important emotional needs.
Sales of new and existing homes have been on the rise, as have their values—and the hottest action is in high-value homes, those selling for over $250,000. The result is that we have a giant pool of home equity, some $8 trillion. The average homeowner has unrealized gains in the value of his house of about $50,000. Homeowners have not been reluctant to tap into that wealth; nearly half of them have taken a home equity loan, line of credit, or second mortgage. Twenty-two percent of those who have reﬁnanced took out some cash as part of the transaction.