Selling to the Moneyed Masses
What's the hottest growth opportunity the world has seen in ages? The expanding affluent class. In the United States alone, this new mass market represents 49% of the country's income--but only 37% of its consumption. How to persuade newly moneyed consumers to spend more of their untapped discretionary income on your products?
One strategy is to reach mass affluents through new channels and promotions. For example, upgrade your in-store product offerings. Target Stores does this by commissioning esteemed brands like Calphalon to launch affordable kitchen and home-product lines. This "upscale discount" strategy has attracted wealthy urbanites and professionals: Nearly half of those earning $75,000+ annually shop at Target.
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