The Millennials you NEED to know
For the foreseeable future, millennial HENRYs (High Earners Not Rich Yet) will be the consumers that every brand manager, marketer and retail executive will need to know well. This subset of the largest generation of Americans, earns between $100K and $250K–the income cohort that accounts for 40 percent of all household spending.
Most important however, these are the consumers who are on track to become the ultra-wealthy ($250K +) of the future. In this forward-looking book, retail expert Pam Danziger examines trends and profiles 25 emerging disruptive brands that millennial HENRYs are drawn to, and she explains how many of these innovative brands are setting themselves apart from the traditional top-tier luxury brands.
In the M.B.A. program we mostly teach from case studies and articles, but your book is the only really relevant and current source on luxury marketing to Millennials. – Niland Mortimer, Adjunct Professor, Hult International Business School
Danziger also takes you on a deep-dive into the steps the smartest of the traditional luxury brands and retailers are taking to keep up with a new generation of consumers who are anything but traditional in their approach to luxury spending.
The most exciting new consumer brands – like Shinola and Canada Goose – aren’t just winning with Millennials, but by resonating with HENRY’s. In Meet the HENRYs, Danziger shines a light on this overlooked consumer that needs to be top-of-mind of every brand marketer. – Dave Knox, Marketing & Innovation Consultant, Author of Predicting The Turn
Learn about luxury that resonates with millennial HENRYs
Luxury is in the eye of the beholder and millennial HENRYs look at luxury in a very different way than generations before them.
In a series of examples, Danziger masterfully examines the need for retail innovation to build luxury brands and products that are more inclusive, more personalized, eclectic, and more transparent, reflecting Millennials’ core values and lifestyles. Instead of brand marketers dictating the luxury brand, they must follow the consumers’ lead. – Shaili Bhatt, senior research director for C+R Research, in a review in QRCA Views.
Among the disruptive brands that are a hit with millennial HENRYs is Canada Goose, the outerwear brand that evolved from its roots protecting lumber jacks and other Canadian workers from the frigid arctic cold to a new luxury brand that upwardly-mobile millennials favor on the streets of New York, Chicago and Minneapolis.
Or The RealReal which has found a gold mine selling gently-used and authenticated luxury fashion to millennial fashionistas who crave unique, distinctive pieces with which to express their individual style. The fact that those pieces cost less is an added benefit, but not the ultimate reason why they buy.
“HENRYs status symbols are less about traditional high-end luxury brands and more about brands that express one’s values and identity,” Danziger explains.“Think a Mini-Cooper, rather than a Mercedes; or a Filson messenger bag, rather than one by Louis Vuitton; or a Shinola Runwell watch, instead of a Rolex.”
A groundbreaking and truly exceptional instruction manual offering a wealth of marketing insights and information, Meet the HENRYs is impressively well written, organized and presented, making it an ideal and highly recommended addition to community, corporate, and academic library business-management collections and supplemental studies reading lists. It should be noted for the personal reading lists of entrepreneurs, marketing managers, corporate executives, and non-specialist general readers with an interest in the subject. – Julie Summers, Midwest Book Review.
Practical Advice that You Can Use
In addition to explaining why HENRYs are the customers to watch and learn from, Danziger reveals 15 qualities and types of luxury that appeal to these younger trend-setting HENRY shoppers and gives examples of products and brands that have tuned into these new approaches to luxury.
For years we have been warning about the new wave of consumers who will change the way we shop. They are here now and they’re called HENRYs. HENRYs have huge buying power but most importantly, a different set of values in how they think about and consume luxury. Pam’s book is a treasure trove of insights and examples on how to appeal to these new consumers. – Neil Stern, senior partner McMillanDoolittle
Here are THREE to consider:
- Luxury of Performance – TAG Heuer watch advertising has a new branding tagline, “Don’t Crack Under Pressure,” and its alignment with youth-skewing celebrity icons, like Super Bowl champ Tom Brady, super-model Cara Delevingne, and tennis star Maria Sharapova, are intended to resonate with HENRYs. TAG Heuer recognizes that today’s HENRY women, as well as men, appreciate the high-performance promise that is a foundation of the brand.
- Luxury of Simplicity – Personal care and beauty brand Kiehl’s sells simplicity itself – simple product, simple ingredients, simple packaging – and extraordinary results. It’s prominent “since 1851” heritage says a brand that has been around that long must be doing it right. Kiehl’s simplifies its packaging and presentation elegantly. Simplicity is hard to do, but beautiful to behold when it is achieved. “Less is more” becomes the guide to creating simple, elegant brands and brand stories.
- Anti-Status Luxury – As a brand, Jeep defines its promise as “Vehicles enabling life’s extraordinary journeys.” It explains its goal to: “Provide vehicles that support a lifestyle of boundless freedom, responsible adventure, and are reliable, safe, fun and environmentally friendly.” Jeep is an experiential brand that most especially takes its owners outdoors, rather than to the grocery store or mall.
This book will help anyone understand what successful brands are doing that’s unique. Danziger’s new book helps readers see which customers are important for success, why they’re important and how to reach them. – Richard Kestenbaum, partner Triangle Capital and Forbes.com contributor
In addition to the many examples of how innovative break-through brands are tapping into these values in response to this new generation’s thirst for luxury products and experiences, this road map to the future of the luxury market will leave you with SIX transformative approaches to brand positioning that will help you create a brand that HENRYs love.
(272 pages, paperback, ISBN 978-194168-858-8; January 2019 from Paramount Market Publishing)