Affluent consumers continue to update homes
Pam Danziger to give keynote address at Hearth, Patio & Barbecue Expo
-- Casual Living, 2/16/2006 7:03:00 AM
Today luxury consumers are investing in their homes in unprecedented numbers. Recent research from Unity Marketing found that about two-thirds of luxury consumers were involved in major home redecorating or remodeling projects in the past year and even more, 69%, have plans for major home work in the coming year.
When it comes to the luxury appointments in their homes, the most popular indoor luxury is a fireplace, either wood or gas-burning, a feature in 65% of affluent consumers' homes. Fireplaces are followed by home offices (64%) and whirlpool baths, indoor spas and/or steam rooms (34%). Outdoors luxury barbeque grills are the top luxury home appointments, owned by some 70% of luxury consumers, followed by patio and outdoor lighting (49%) and luxury patio and lawn furniture (38%). "While companies that sell products that add to the value of luxury consumers' homes, like indoor spas, fireplaces, kitchen appliances, and outdoor kitchens, are enjoying a vibrant demand for their products, they can't rest on their laurels anymore and sell home products mainly on brand reputation," said Pam Danziger, president of Unity Marketing. "Luxury consumers today want more than just a status label. They want home luxuries that enhance their personal pleasure and enjoyment in the home. So along with superior quality, cutting edge style and design and great value for the money, luxury consumers want things that deliver the ultimate luxury experience. To help hearth, patio and barbeque marketers and retailers gain new insights into the drives and motivations of the luxury market, Pam Danziger will present a speech entitled, "The New Luxury Home: End of Cocooning and Age of Connecting - Implications for Specialty Retailers," on Thursday, March 9 at 7:30 - 8:45 a.m. at the Hearth, Patio & Barbecue Expo 2006, at the Salt Plaza Convention Center in Salt Lake City. "For marketers and retailers that sell home luxuries, gaining a better understanding of luxury consumers' passion for their home is critical today as the whole luxury market is shifting from old luxury to new," she continued. "Luxury consumers no longer pursue a conspicuous-consumption lifestyle. Rather, 'new luxury' consumers are more interested in life changing experiences than in buying more stuff. Luxury home marketers and retailers, therefore, have to focus on how the products they sell and the brands they carry deliver a superior luxury experience to the consumer. Hearth, patio and barbecue retailers play right into this new experiential trend."
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