Making That Luxury Sale
There is a simple truth: The money is out there. Dynamic consumption of certain luxury brands in Western Europe and the U.S. has enjoyed double-digit growth since 2010.
According to The Affluence Collaborative, a research company that studies the affluent consumer, 57 percent of the wealthy stated that they like to have the latest gadgets and be in the know about what’s next in technology; compare that to only 18 percent of the general population. They are also—no surprise here—highly influenced by product reviews, with 89 percent of reviews read ultimately influencing their purchasing decisions. Today’s luxury consumers are savvier and demand accurate, timely and engaging information. Technology Integrator sat down with traditionally higher-end manufacturers Wisdom Audio and Krell Industries to find out how they are positioning their current product line-ups in the market, and what they’re doing to help their dealers close that luxury sale.
Technology Integrator: Both of your companies have lengthy and well-respected tenure in the consumer electronics industry; briefly describe your company for the Technology Integrator readers.
Mark Glazier, Wisdom Audio President: Wisdom Audio manufactures some of the highest performance speakers available that are also capable of being fully integrated into a home. They are intended for customers who will no longer accept the aesthetic intrusion of box speakers that don’t match their decor. All models incorporate our proprietary thin-film planar magnetic drivers for in-wall, on-wall and freestanding applications, and are built in our facility in Carson City, Nevada.
Bill McKiegan, Krell Industries, President: Founded in 1980, Krell was one of the pioneers in the high performance world of audio. We continue to design and manufacture class-leading products in every category we participate in, and are the premier manufacturer of high performance stereo and home theater products.
TI: How have your companies evolved over the years?