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For The Affluent: Getting a Good Deal Is A Badge of Honor

But Luxury Travel Connoisseur Karen Weiner Escalera says Value Added Alone Is Not Enough

 

karenescalera.jpgKaren Weiner Escalera, president of the KWE Group in Coral Gables, one of the most insightful thinkers on luxury travel, told an industry newsletter in an interview that, "Early in 2009, many marketers thought that offering "value adds" would be enough - i.e. a four-night stay for the price of three, a resort credit, a free dessert when ordering an entrée, etc. As the year progressed, it was obvious that these initiatives weren't enough. The overall rate had to be priced right as well."

Escalera continued, "The winning combination is value add and the right rate.

 
Selling Luxury in the Age of Abstinence - WSJ Magaizine Fall 2009

I am not accustomed to seeing such verve from parent paper Wall Sreet Journal, but editor Tina Gaudoin gave us a treat with her take on The Changed State of Luxury. My favorite nuggets:

  • ..."Luxury goods houses will have to rethink the way they appeal to us, the consumers, in order to survive. In which case, we're talking better value and maybe even lower prices. But will this approach ultimately devalue the meaning of the L word?" PS > Editor Gaudoin thinks not.
  • ...‘People want value for money in every single market, says Chloe' CEO Ralph Toledano. 'Pricing is a key issue we are working on'.
  • ... "You couldn't go to a cocktail party and say you just bought a $25 million dollar apartment. Now you can---as long as you got 30% off'.
  • ...'It's just a question of time before China will be a luxury car market on par with the U.S.,' says the VP of marketing for BMW in China

For more, visit wsjmagazine.com

- Hershel Sarbin

 
China - World's Foremost Luxury Goods Market?

A McKinsey Research Perspective-coupled with a Harvard Business Review Blog
By Kathy Bloomgarden-9-11-09 (Some credentials, we'd say)

 
'Below the line' becoming 'top line' in customer engagement - Ad Age Report
  • Cannes Ad Festival 2009 a Game Changer for Sure
  • Advertising Age Report of June 29 says "the age of interruption is over." Why?  First, the film jury handed its sole Grand Prix to the  interactive film Carousel, from Tribal DDB Amsterdam. Next, a PR campaign for Queensland, Australia, broke the record for winning the most Grand Prix in a single festival
  • To put it bluntly, Cannes was "swept by PR, Integrated, Internet Winners", says Ad Age editor Laurel Wentz.
  • "The way the world is heading is voluntary engagement", according to David Lubars, president of the film and press juries

 
Posh has become a four-letter word -- Now What?

The headline said "Guilt trip; Luxury travelers are toning it down, keeping it quiet or canceling vacations to avoid flaunting wealth in hard times".  The story in March 6 USA Today was by Jayne Clark, who ‘carried it off' in splendid style. Here's the saucy essence, followed by the link to the full treatment.

"In a time when posh has become a four-letter word, forget about keeping up with the Joneses. It's more socially expedient to stay down with them. Economic turmoil is giving luxury a bad name, it seems, and not just among the private-jet set, either. The desire to tone down consumption is affecting how some Americans vacation -- or at least how they say they vacation." Much of the anecdotal material in this USA  Today piece comes from travel agents -worth the trip.

Hershel Sarbin

 
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From the Editor

A year that began with warnings about "the end of luxury" is ending with headlines about "surge in demand for luxury" (Smith Travel Research) and "Luxury Makes a Comeback" (Fortune Magazine).

Looking forward, we are focused on lessons learned during the Great Recession by smart luxury travel marketers and experts who shared their experiences –and their counsel—in LT360 columns and stories during these challenging times.

Senior Editor Harvey Chipkin and I have used boldface black—a hopeful color for the coming year—to highlight smart marketer themes, actions, and adaptations below that will pay large dividends going forward.

Read Luxury Leaves 2009 Behind, Looks Ahead to 2010 for more information. 

In today's commentary we share thoughts from a recent conversation with Mary Gostelow, editor of KIWI's online WOW Report. They don't say "Affluent", but they sure point to a more sensible, and comfortable travel culture to come:

 

  •  Everybody was using luxury for everything. We've been living in a time of growing excess which was not really necessary. Why should bedrooms get bigger and bigger? Why should the thread count of sheets get higher and higher? Who cares? Does anybody even know what thread count means? Why should one hotel's terry bath towels get thicker and more sumptuous than anybody else's? You know, it was as though everybody was going for the Guinness Book of Records the whole time.

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