High Income Customers Motivated by Design
An authority on market research, the NPD Group, founded in 1967, is the leading global provider of consumer and retail market research information for a wide range of industries. The NPD Group recently reported that, “Twenty-six percent of affluent entertainers, those earning $75,000+, were significantly more likely to say they use items meant for outdoor use only, compared to those earning under $35,000 (17 percent) or between $35,000 and $74,900 (20 percent). Higher-income consumers also tend to pay closer attention to style when purchasing outdoor entertaining items, such as outdoor furniture, water fountain/décor, fire pits/outdoor fireplaces, as well as items from the electronics categories like speakers.”
This information is very important when marketing to your target audience. The place to showcase your products and services will be those media sources that cater to people earning higher incomes. The mass markets such as Target, Costco, Walmart, World Market, Lowes and Home Depot already advertise to a lower income target market audience. These same multi-channel stores stock and sell lower priced outdoor living furniture and accessories. So as an independent casual living retail specialist you have the opportunity to advertise and sell to the part of the population that has a greater income and is interested in style.
This is not to say that the mass markets do not carry products with style, they do, just take a stroll through your neighborhood Target or Costco and you will see design inspired outdoor style. However, this style will not compare to the very high-end style that exists and is sold in specialty casual furniture retail establishments.
As someone who has been closely involved in the casual furniture industry for a many years, I can tell you first hand that we, as casual furniture designers, retailers, manufacturers and salespeople, know so much more about the products and their attributes that are available in the casual furniture market today. We sometimes take for granted that most people, who are our customers and consumers, do not realize how truly improved this segment of the home décor industry has become. This is why it is so important to advertise to the correct target market. Take the time to research information relating to your market and then you can successfully influence who walks into your store and what type of products they will most likely purchase.
For example, outdoor kitchens and living rooms with all the comfort of interior spaces are the latest growing trend today. Refrigerators, wet bars, sinks, high-end grills and stoves are a few of the sophisticated comforts that are being incorporated into outdoor living rooms.
If you want suggestions on marketing to this segment of the population, contact me email@example.com
These are my outside views…Marcia Blake