For the majority of the population, Black Friday is an opportunity to score awesome deals on anything from enormous flat screen TVs to the latest kids’ toys to the latest styles. Starting at midnight on Thursday, anything you might find at the likes of Target or Best Buy or Macy’s is fair game. For your average consumer.
The affluent population on the other hand, does Black Friday a little differently. For affluent consumers and especially for ultra-affluent consumers, Black Friday is not about running out in the middle of the night to pay close-to-nothing for any old product. It is more so about saving on high-end goods and services that are valuable to one’s quality of life – items and experiences that truly embody the notion of “Happy Holidays.”
With a wobbly economy on our hands, even ultra-wealthy shoppers are being cautious with their money and are increasingly interested in items and experiences that create memories and evoke emotions.
But at the risk of cheapening themselves there’s a fine line luxury brands must walk when running sales – on Black Friday or any other day of the year. Although wealthy consumers are looking for deals, they are still expecting high quality and exclusivity, whether they are buying a new handbag, jewelry, or booking a vacation for the holidays. Luxury brands should not treat Black Friday as an every-man-for-himself-busting-down-the-doors-for-deals type of occasion.
Not only should luxury brands maintain their dignity and status when offering sales, but they should also consider where affluent shoppers are making the most purchases. While we know that affluent consumers tend to make purchases based on relationships and value personal attention in retail settings, online shopping continues to grow as the method of choice for the majority of the affluent population. And just as affluent shoppers expect attention and exclusivity in-store, they expect a quality, efficient, interactive experience when making online purchases.
Most of us are thinking twice about our spending behaviors, regardless of our financial status, so don’t underestimate affluent consumers’ desire to find value this holiday season. Brands like Acura are playing right into this mindset, with help from celebs like Suzy Orman.
If you’re going to give price breaks on luxury goods and services this holiday season, remember that your best customers are still looking for finely crafted, high-quality products, and your promotional campaign and its messaging should tastefully reflect the brand standards that you uphold throughout the rest of the year.
Hope you have a happy and prosperous Thanksgiving weekend!