Luxury Consumption Trends: Middle-Class Eagerness for New-Luxury Goods and Services - Prof, Papers of Marketing Management

Download Luxury Consumption Trends: Middle-Class Eagerness for New-Luxury Goods and Services - Prof and more Papers Marketing Management in PDF only on Docsity! Nick Mason Writing Assessment Sample 1 “Luxury for the Masses” Prompt 1 After reading Luxury for the Masses I believe the authors’ claims to be valid about how eagerly middle- class consumers are buying “new-luxury” goods and services. I don’t feel they are outdated at all and if anything I believe the claims are now a little understated. Through my personal experiences with friends and myself I see a trend of everyone gets everything they want with no hesitation. These choices don’t necessarily have to do with the economy or how much money my friends make or even how much a particular item costs. What has been opening up windows for them right now are credit cards. When they swipe the credit card they don’t feel bad for buying the item because they didn’t necessarily pay for the item with their own cash or hard earned money, they are paying with money they have been given without having to do anything except providing some information and waiting for approval. I agree with the author that Accessible Superpremium goods are still affordable because they are relatively low ticket items. While the Belvedere Vodka is priced at a 75% premium over Absolut Vodka, the Belvedere Vodka is still only $28. If you were to go out to a bar you would have spent that much on only two or three drinks. The same goes with the Starbucks coffee comparison with the Dunkin’ Donuts coffee; even though the Starbucks is priced at a 40% premium over the Dunkin’ Donuts coffee what is 40 cents to a college student. We don’t necessarily look at the big picture and realize that at five coffees a week over the whole year we would be saving over a $100. We would rather go to the trendy spot and hangout with friends and drink our coffee. I also agree with the author on Old-Luxury Brand Extensions, which are lower-priced versions of goods that have traditionally been affordable only by the rich. More and more middle class consumers are buying these goods including BMW, Mercedes-Benz, Tiffany, and Burberry because they are affordable