Ceramic Industry Blog

Target Big Spenders by Offering High-End Products

October 1, 2008

The Average Joe might not be interested in building a new home or remodeling their kitchen or bathroom in this market, but those with plenty of cash to spare are not holding back as much. According to direct marketing firm RSVP Publications (www.rsvppublications.com), “Whether the economy is booming or braking, affluent homeowners still spend on home improvement, fine dining, personal improvement and entertainment.”

Pam Danziger, president of Unity Marketing (www.unitymarketingonline.com, concurs. In “Luxury Recession? Bright Spots Amidst the Gloom,” she writes, “[Luxury consumers] are likely to take capital and invest it in strategic improvements in their own homes, especially in rooms and areas where there is an expectation of a good payback when they ultimately sell their home. That means more remodeling in kitchens and bathrooms, improvements to household systems, like heating and cooling, redecorating projects, and pick-me-ups to the highly visible outdoor areas. Luxury consumers will be making big-ticket home investments in order to enjoy a more pleasant living environment in the short term, as well as helping to maintain or increase the value of their home in a challenging housing market over the long term.”

RSVP cites statistics from the American Affluence Research Center showing “that 2.3 million affluent households would likely undertake a home remodeling project in a given year. Using a conservative estimate of $15,000 per project, that represents $34.5 billion annually.”

Danziger also points out that the affluent are beginning to care less about materialism and more about the environment. “They are starting to think about the impact of their consumerism on the planet and for future generations,” she says. “These consumers are tired of a disposable culture and are looking to restrict their spending to those products and experiences with a smaller carbon footprint that represent a more responsible use of resources and offer tangible and lasting value.”
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