Luxury Insights

October 'Wealth Report' Now Available

The October 2011 Wealth Report Newsletter is now available for Members.

In this month's issue:

• Luxury Retailers Again Show Strength In September
  Despite another 10% drop in the S&P 500 stock index, high-end retailers post increases in monthly comparable sales nearly double the growth seen in the overall retail universe in August. 
• WealthSurvey: The State of the Luxury Industry -A Global Comparison of Consumers in Top Markets
  Luxury spending surge picks up strength in China even as wealthy consumers report plans to throttle back on purchases in Europe, Japan and the U.S. 

There is some really interesting data on the attitudes of the wealthy in China.  Here's a peek:

 Nearly four out of five (78%) wealthy Chinese consumers say that luxury goods and services are more important in today's economy, although the reverse is true in the U.S. where 80% of wealthy shoppers say that luxury has become less important. 

Members can access this report and an archive of past reports on our website (login required). 

The report is produced by the New York based Luxury Institute, a uniquely impartial, independent and objective ratings and research organization that is the global voice of the high net-worth consumer. 

Wealth Survey: Why the Rich ARE Buying

Here's another peek at some of the results of the Wealth Survey: Real Estate and Lifestyle.  See our previous post for more details. 

Here are the top reasons given by affluent Americans who ARE planning a real estate purchase this year.  

 
Are your marketing pieces and messaging highlighting these opportunities?  They should be!  

Wealth Survey: Why the Rich Are NOT Buying

Here's another peek at some of the results of the Wealth Survey: Real Estate and Lifestyle.  See our previous post for more details. 

Here are the top reasons given by affluent Americans who were NOT planning a real estate purchase this year.  

Do you have scripts to overcome these common concerns and objections?  Are you addressing these issues in your market update reports?  You should be!

May 'Wealth Report' Now Available

The May 2011 Wealth Report Newsletter is now available for Members.

In this month's issue:

• Luxury Retail Sales Growth Downshifts
  Mainstream retailers pep up in April with a little help from a late Easter asluxury firms take a break from a long streak of outperformance.
• 2011 Luxury Brand Status Index (LBSI)
  Wealthy U.S. shoppers and investors rank top brands in watches, jewelryand ultra-luxury autos selling for $100,000 and higher.
• Wealth Management: Brand Status & Client Experience 
  Ultra-high net worth U.S. investors with assets of $5 million and up identifythe top brands in wealth management and share details on client experience. 
• WealthSurvey: Understanding Wealthy Millennials
  Luxury Institute survey reveals detailed perspectives on work, family, finances,mobile device usage and media consumption of wealthy Americans under-35.         

Members can access this report and an archive of past reports on our website (login required). 

The report is produced by the New York based Luxury Institute, a uniquely impartial, independent and objective ratings and research organization that is the global voice of the high net-worth consumer. 

Half the affluent opting-out of social media

Anti-social or just busy with other things, half of the affluent say they do not participate in any type of social media according to the Spring 2011 Affluent Market Tracking Study conducted by The American Affluence Research Center.  

Some highlights from the study:

• In contrast to the March general Consumer Confidence Index of The Conference Board, which fell over 10% to the low levels last seen in Fall 2010, the affluent, who account for about half of all consumer spending, report a better outlook for the economy and their personal spending plans.
• Spending plans for all 17 products and services tracked by these surveys are much stronger than in the Fall 2010 survey. 
• There is also improvement in the plans to make major expenditures such as for a new auto, a cruise, and a vacation home.
• While 65% of the affluent own a smart phone or a tablet (or both), the remainder have regular access to a computer. Half of the affluent say they do not participate in any type of social media.
• Among those that do participate in social media, only a quarter say they use social media to receive regular communications about product and related information from a manufacturer or retailer.  In other words, only 12.5% of the affluent say they are using social media to receive regular product information from a manufacturer or retailer. This relatively low number (12.5% of the affluent) may be surprising given all the amazing statistics being circulated by various research and traffic tracking companies about the volume and growth of e-commerce, the ubiquitous mobile devices, and the urgent emphasis to invest time and money into various forms of mobile apps and promotional activities online through proprietary sites and social media. It is important to understand who will actually be reached through mobile devices and social media (and whether the ROI is reasonable), what technology is needed to be compatible with the various different mobile and other receiving devices, and who might be missed if communications are limited exclusively to these channels.
• About 59% of the affluent say they are not familiar with the concepts of private residence or destination clubs. Concept familiarity, which is essentially the same as in 2007, is strongest among the younger (59 and under), higher income, and higher net worth groups.
• About 10% of the affluent say they will seriously consider acquiring access to a vacation home during the next 12 months. Plans to make an acquisition increase as age declines, income increases, and net worth increases. About 2.9% are considering two types of vacation home acquisition. Wholly-owned homes are the most favored type of vacation home access. Wholly-owned homes used primarily on a seasonal basis are more popular than those used frequently throughout the year. The only exceptions are the 50 to 59 age group, the under $200K income group, and the lowest net worth group.

Overall, this is good news.  Among the successful, outlooks are more positive and spending plans are up.  

Remember that insights based on good research and data can help you identify opportunities and threats and adjust your marketing strategies and plans accordingly. 

Targeting the Coastal Lifestyle?

New discounts and options available to market your property to a captive audience of coastal home prospects

We're pleased to announce that Ocean Home Magazine is now offering special pricing on both print and online advertising for Members of The Institute for Luxury Home Marketing.

Ocean Home’s targeted circulation to the nation’s most affluent households ensures that your message reaches an audience with unmatched buying power. Ocean Home readers are sophisticated and savvy and are most qualified by income, net worth, lifestyle, and regional location to purchase ocean homes of all types.  

OCEAN HOME READERS:

• Average age: 51
• Gender: 51% Female, 49% Male
• Married: 90%
• Average HHI: $1,214,000
• Net Worth: $5,831,000
• Primary Residence Value: $1,964,000

Reach these active buyers of coastal and island property with pinpoint accuracy through Ocean Home's qualified network and distribution sources. Ocean Home's readership is comprised of a highly select group of second, third, and fourth home buyers, coupled with the private customer lists of their strategic advertising partners.

You'll find a complete Real Estate Media Kit with special pricing for Institute Members on the Ocean Home page in the Members Only section of our website.  In addition to the special pricing, you'll also find the editorial calendar for 2011, a list of online resources, special promotions, and more.

You can contact them directly with questions and to find out how they can help you deliver on your marketing promises and find the affluent buyers and sellers you seek.

Ocean Home Magazine
16 Haverhill St., Suite 300
Andover, MA 01810
978-824-2804
sales@oceanhomemag.com
http://oceanhomemag.com/

A big "THANK YOU" to Ocean Home Magazine for their support of Institute Members like you! 

Leaders in Luxury 2010: A Sold-Out Success!

A big "thank you" to all of the outstanding luxury professionals from around the U.S. and Canada who joined us in Austin this year for Leaders in Luxury. What an amazing group, and wow--what networking!

Here are some photos from the event:

And some of the feedback from attendees:

I am proud to be in the "inner circle" of such an innfluential group of professionals.  I would feel 100% comfortable with referring any of my clients to anyone I met this week.  Looking forward to future sharing of ideas/concepts and referral/networking.
-Cindy Shearin, Manhattan Beach, CA

Finally I have a specific game plan for my social media strategy. This conference came at a perfect biz plan time and will impact my plans for 2011.
-Charlotte Shirey, Richmond, VA

This was "the" best run and informative seminar I have ever attended.  I was quite dubious when I signed up.  I found the city choice excellent (frist time in Texas).  As a somewhat new Realtor I have learned so much and am truly grateful to all.
-Sam Joseph, South Orange, NJ

Three days spent with the nation's top producers is invaluable for networking opportunities and the sharing of important new information as well as best practices that produce results.  Much of what was shared in this conference will be impactful in today's market.
-Lillie Young, Dallas, TX

Truly an educational, impressive, and well-rounded program.  Packed with wonderful informative, relevant information to address "today's real" real estate challenges.
-Robin Simon, Boston (Milton), MA

A great experience to network and learn from many of our new American colleagues.  Lots of exciting ideas for luxury home marketing!
-Dawna Borg, Toronto (Vaughan), Ontario

I don't want my competitors here next year.  I was the only one from my state!!  Huge advantage for me!!!
-(Name witheld by request)

Excellent, inspiring sessions, well worth three days of my time away from listing and selling -- well done!
Debra Porteous, West Vancouver, BC

The most phenomenal real estate conference I have ever attended!!  Outstanding!!
-Bill Gottfried, Houston, TX

Another big "thank you" to our outstanding speakers, and the sponsors who helped make it all happen. 

See you at next year's event...location to be announced.  In the mean time put those good ideas to work and keep the referrals flowing!

Webinar: Creative SEO

If you missed the ILHM webinar on the last day of September and are concerned about making your website more effective, you’ll want to tune in to the recording.  You can find it on the Webinars page in the members only section of our website (login required). 

Dustin Luther, Founder, 4realz Consulting shared lots of information on how to improve the volume and quality of traffic to your website.  If you’re not techno-savvy,  that’s okay, because Dustin makes Search Engine Optimization (SEO) pretty clear and simple.

 Dustin has also offered our members free 5-week training which includes these sessions:

• Week 1: Your First Blog Post
• Week 2: Adding Photos, Videos and Links to Your Blog Post
• Week 3: Creating a Landing Page (SEO)
• Week 4: Facebook Basics
• Week 5: Twitter Basics

To take advantage of this free training, register on Dustin’s website. 

If you are headed for the National Association of Realtor’s NARdiGras  in New Orleans, mark your calendar for Monday morning, November 8.  Dustin and some fellow techies will be presenting Word Camp, a half-day Word Press event.  There will be two tracks, one for beginners, another for advanced Word Press users.  Check it out.

The Corcoran Group's internet marketing guru to speak at Leaders in Luxury 2010

Matthew Shadbolt
Director of Internet Marketing,
The Corcoran Group

Topic:
How luxury pros can use video and new media
for profitable results

Widely quoted in both real estate and business media, he is a noted expert in internet marketing and understands what works online and how luxury agents like you can use the internet for effective branding, prospecting, and property promotion. 

As Director of Internet Marketing for one of Manhattan's leading real estate brokerage firms, Matthew Shadbolt is responsible for all of Corcoran's interactive output and advertising.  Under his guidance, Corcoran's online audience has quadrupled in fewer than five years. 

Prior to joining Corcoran, Matthew spent five years at Home Shopping Network QVC in both the U.S. and in London (where he developed the world's first real-time interactive television purchasing application).  A native of the United Kingdom, Matthew graduated from the Jan van Eyck Akademie in The Netherlands.

If you are a successful luxury agent, please join us at Leaders in Luxury 2010.  From the networking cocktails to the killer keynotes, it will be two business-building days of fantastic networking, idea sharing, and fun. 

If you haven't already signed-up, registration for the two-day Leaders in Luxury event this year
is only $895.  There are limited seats remaining, so act now.

More information and registration

See you in Austin!

Making Social Networking Work for You

Social media can be a tool for increasing your market presence and branding yourself as the local agent of choice, according to Deborah Valledor the COO of the nation’s largest REALTOR® association, The Miami Association of Realtors, and our July webinar presenter.  Here are just five key points from Deborah’s presentation:

1.  Before you start your social networking here are some key decisions to make.

•   What audience do you want to reach (Buyers?  Sellers?  A special niche?  Other agents?) 
•   What result do you want to accomplish?
•   What persona do you want to create?

If you don’t have clear answers to these questions, you won’t have a clear social networking strategy.  You may still have fun with your social networking, but you are unlikely to get good business results.

2.  Once you’ve made these decisions, you are on your way to creating your image or brand.           

• Use your photo, logo, and content of your message to create the image or persona you want.
• Be consistent across all media--print, online, social media.  This will reinforce the positioning you are trying to establish.

3.  Create value for the reader/viewer

• Think “content rich”
• Ask yourself is your information valuable, relevant, correct, and would you be interested in the information?
• Do give, give, give.   Don’t sell, sell, sell.

4.  Work to create a following

•  Communicate in a “voice” that sounds like you are talking to someone you know
•  Try to create discussion and keep it positive
•  Acknowledge anyone who responds
•  Don’t ignore negative comments.  Be polite, positive, and try to turn negatives around
•  Be authentic and trustworthy

5.  Use your blog as a "hub" for your online information and identity

• Use other social media to drive traffic to your blog
• Put all the info on your blog
• Let your audience “pull” the information

Hear more from Deborah at our Leaders In Luxury event scheduled for October 20-22, in Austin (TX).