Marketplace Influence of the Affluent

Avner Offer, professor of economic history at Oxford University, has said that “today’s rapid pace of innovation includes developments in science and technology, a widening range of consumer goods and services, and the powerful effect of media, advertising and the Internet—all pressuring us to make choices….”

What does this lead me to believe? That the affluent influence the marketplace – for themselves and for other classes below them. The middle-class and lower-class are offered what the affluent class decides is needed or wanted. The rich people are those that drive the marketplace offerings. People can afford to get high-end cars, which makes other classes of people get high-end cars, but it leaves the lower classes in a debt situation. This leads to more and more people taking out loans and using high-interest credit cards that they can’t afford. This leads to our tough economy where people can’t pay back what they’ve borrowed so the government has to step in.

Now I’m not saying that the affluent are bad in shaping the wants and needs of the lower classes; I’m just saying it’s a fact that we should be aware of. As marketers and consumers. The younger generations are used to getting what they want without having to pay for it. Mommies and daddies are charging everything for their precious little ones. And there are even games like Electronic Monopoly in which you charge things on a credit card instead of buying them with cash. Now what kind of message is that sending?

And as packaging and production methods get cheaper with outsourcing, we’re just filling up our landfills with last year’s products.

Of course, there is also global warming. With all of this extra production of products that people are just going to throw away, the factories are working year-round, 24/7 producing lovely smog clouds that are tearing up our atmosphere and killing us underneath.

And, one last effect of our affluent tastes – we’re getting fat! Obesity is at an all-time high due to the processed foods and easy access to drive-thrus every few blocks.

So what does all of this mean for marketers?

Market your line of products to all classes. Market your more affordable items to the middle- and lower-classes so that they know they have a choice. Two widgets sold at $20 each is just as much money as if you get an affluent person to buy your $40 widget. The lower classes shouldn’t be ignored – they have spending power.

Green your production methods. Whether that’s just for marketing – using recycled paper or using more online initiatives – or whether you can talk the CEO into using greener inks, greener packaging or whatever, you can then tout your greener methods to consumers. Everyone is concerned about the environment now, and you can get customers from all classes by showing how earth-friendly your products are. Market to the affluent responsibly. While marketing to the tastemakers of society, use your marketing prowess for good. Tout all of the socially responsible things your company is doing so that the affluent will tell their friends and family. This word of mouth marketing will trickle down to the lower classes and encourage them to buy products that are more socially responsible.