Robert Frank, Wall Street Journal luxury reporter and author of Richistan offered some wise words at a recent breakfast talk courtesy of the Luxury Marketing Council.
Refresher: Richistan divides the super wealthy into three countries, “Lower Richistan,” Middle Richistanis worth between $10 million and $100 million” and “Upper Richistan” where the residents are worth more than $100 million.
Some gems from Frank’s talk:
“He said the new line of thinking among those feeling the pinch has gone from ‘What do I want?’ to ‘What do I need and can I afford it?’ Exclusivity and craftsmanship are going to be more important in getting the wealthy to spend.”
Perhaps even more significantly: “Frank urged luxury companies to embrace the web. ‘They for some reason forgot that the wealthy are technology leaders or were not sure how to present their brands without devaluing them,’ he said.”
Further proof that the web is the future for luxury brands – it has to be, as that is where the affluent are to be found.
Cheers,
Lauren
