By Michael J. Silverstein
First released to media acclaim in October 2003, buying and selling Up published how today’s middle-class shoppers are looking for better degrees of caliber, flavor, and aspiration than had ever been attainable before—in their offerings of autos and garments, vodka and beer, golfing golf equipment and dolls, and lots more and plenty extra. The publication pointed out a huge chance for marketers and innovators, managers and agents, in each type of customer items and prone. Now Michael Silverstein and Neil Fiske have completely revised this BusinessWeek bestseller with new examine and new insights into the nonetheless- growing to be phenomenon of buying and selling up.
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Extra info for Trading Up: Why Consumers Want New Luxury Goods... And How Companies Create Them (Revised and Updated)
Even though I’m ‘trading up,’ if a company is environmentally conscious, I’m much more apt to purchase from it, and my husband has no problem with me going to Aveda and buying more expensive products there. You can buy a bottle of Suave for two dollars. ” Men, too, seek moments alone but are more likely to retreat to a room equipped with a personal computer, a premium sound sys- The Spenders and Their Needs 37 tem, or a home theater. ” With a household income of $63,000, she spent about $3,000 on a six-speaker Sony Dream System, but even so, it represented a trade down.
Although she is less linked to products than Martha, she urges her followers to look after Spirit and Self, Relationships, Food and Home, Mind and Body— and not feel guilty about what it might take to do so. Martha is more of a social facilitator who helps people express themselves and make more fulﬁlling connections with their family and friends. She markets products under her own brand name, and she openly and unapologetically promotes her many commercial partners and sponsors. These two women have played a key role in the trading-up phenomenon.
There are about 112 million households in America today; almost 28 million of them have annual income of $75,000 or more, and 16 million of those take in more than $100,000. The wealth is becoming more and more concentrated at the top of the income scale. 2 69 39 26 22 30 Household income 1970 Household income 2000 The income of the highest-earning households has grown the fastest in the past thirty years, and the gap in household income between top earners and middle earners has widened. segments, or quintiles, the top quintile—the highest 20 percent, including those earning more than $82,000 per year—accounts for nearly 50 percent of the aggregate income.