ET Insider – December 15, 2009

Elite Traveler Insider –

December 15, 2009

Elite Traveler Insider

By Douglas D. Gollan, President and Editor-in-Chief, Elite Traveler Magazine  

Welcome to the latest issue of Elite Traveler Insider, the bi-weekly newsletter designed to update our top partners on trends in the private jet lifestyle. This information is provided to offer a better understanding of how to target these globetrotting elite travelers, their impact on your business and other trends that affect you. Remember, private jet travelers are paying up to $10,000 per hour to fly by private jet, so these super rich consumers could be and should be your best customer. We talk about them and how you can get more of them and more from them.

IN THIS ISSUE:

1. Affluent Consumers Trust Themselves: New Research

2. Unity Marketing: Travel Recovery Slow for Mass Affluent Business

3. Tel Aviv to Get Private Jet Terminal

4. Robb Report’s New Offer: Free Copies

5. More Elite Traveler Success Stories

Over 90 percent of today’s Super Rich are Self Made and over 80 percent of the Super Rich have made their fortune in the past 10 years. Now is the best time to make sure they know your brand. 86% believe Elite Traveler is a good showcase for luxury products.

1. Affluent Consumers Trust Themselves: New Research

There is a new kid on the block when it comes to research focusing on affluent consumers. The Affluence Collaborative, a research partnership between Agency Sacks and Chadwick Martin Bailey recently released results from its survey of how the affluent live online.

The released Collaborative survey examines online behavior and attitudes toward consumption and purchase rationale of the affluent as compared to the mass market.

According to the group, research results show that usage of social media is similar among the affluent and the mass market, a marked change from past data showing that the affluent have been late adopters of new technology, digital applications and online activities. Three in five of the affluent are engaged in social media platforms online and agree that social networking is a lasting paradigm. Only 3% of respondents stated they were one of the first to try new applications and games on social networking sites.

In terms of how to reach the Affluent via online media, the survey notes, “Although the affluent are using online media with as much frequency, they are less frivolous and more functional in the way they are engaged in the online world. For example, the affluent are more likely to connect with business colleagues and less likely to play games than the mass market.”

The Collaborative also claims “About 75% of those surveyed have lost 25% of their wealth, and 70% don’t consider themselves wealthy. Also, the negative attention put these days on conspicuous spending forces the affluent to evaluate whether their purchase fulfills a need or a desire.”

The report goes on, “As it has become unfashionable to spend without good reason, marketers can arm their prospective customers with a rational alibi for their purchase, enabling them to justify their spending. Marketers need to make sure customers believe they are getting a good value either in cost, quality or meaning, which must be communicated in every level of the customer’s experience, especially their time spent on the brand’s website. What was once discretionary wealth is no longer, making every dollar feel like it is worth much more and must be stretched to maximize return. The affluent will spend more freely when they can once again earn as they had; until then, the provision of a rational alibi can counteract their frugal mindset.”

One of the most interesting aspects of the research which likely translated up further in the pyramid to the Super Rich is that “the affluent are more likely to trust their own decision-making and judgment than anyone else’s. The second most powerful motivator for the affluent who need encouragement to buy is a clear understanding of the product and its quality. Accordingly, three in five respondents take time to extensively research products before buying and prefer to do product research on their own.”

One conclusion the group makes is: “with customers more likely to do their own research than turn to sales staff for support, it is even more important to make product and service information readily available” online.

One caveat: I noted that the survey was conducted via an online panel which potentially means the results are not representative of the total population, particularly since in a survey about online behavior and online panel might behave differently than the general population.

The core groups were Mass Affluent consumers divided into HHI segments between $100,000 + and $500,000+ and compared versus Mass Consumers whose HHI was under $100,000 according to Sacks. We will keep our eyes out for more research from this group in the future.

Out of the Box: Looking for new and innovative ways to efficiently and cost-effectively target potential customers? Combine the only worldwide audited magazine aboard private jets, Elite Traveler, with an innovative destination specific campaign in private jet terminals, including events, and get to these consumers as they narrow their consideration set through Elitetraveler.com. You can find all the tools you need at www.elitetraveler.com/business.

2. Unity Marketing: Travel Recovery Slow For Mass Affluent Business Travel

The long-range forecast for the luxury travel sector now through 2010 is stormy for luxury travel providers who depend on business travelers from the Mass Affluent segment. This according to a new trend report published by Unity Marketing entitled “Forecast for Luxury Travel Through 2010: A Luxury Trend Report.” It is based upon the results of a survey conducted in October 2-7, 2009 among 1,067 Mass Affluent consumers (avg. income $228,800).

Pam Danziger, president of Unity Marketing, says, “So far in Unity Marketing’s quarterly luxury tracking study, the luxury travel sector has been one of the categories slower to recover from the recession. The data shows that the recession for Mass Affluent consumers bottomed out at the end of third quarter 2008, but so far spending on luxury travel is down 22 percent for the first three quarters of 2009 as compared with same period last year. In effect, luxury travel was slower going into the recession, and is slower coming out.”

According to Danziger, more business travel planned on reduced budgets – that means budget, discount, and value are key words for travel providers that cater to the business market through 2010.

The survey which looked at both the business and personal travel plans among Mass Affluent consumers (80 percent of whom are employed) found that over 75 percent of business travelers expect to spend less or the same on business travel over the next 15 months.

While the world’s economy today is unsteady, one thing is for sure: The wealthy consumers flying aboard private jets are your best bet, and only Elite Traveler delivers these elite travelers to our advertisers through our BPA audited circulation aboard private jets in over 100 countries, including Russia, the UAE, Kuwait, Qatar, Bahrain, Oman, India, Singapore, Korea and China. All with one ad buy!

3. Tel Aviv to Get Private Jet Terminal

The Israel Airports Authority has revived its plan to build a new terminal for private planes and executive jets at Ben-Gurion International Airport, according to a report. International private jet flights to and from Israel have more than doubled in the past three years, and are expected to continue double digit growth according to the report.

Only Elite Traveler can guarantee you that your ad dollars are reaching wealthy consumers who are still spending. What do we mean? Our new June 2009 BPA Circulation statement breaks out where our magazine goes – 71 percent of our copies to private jets and private jet terminals, 14 percent to First Class lounges, 3 percent go to Sport Locker Room/Training Facilities and Yachts, etc. This means you know that your dollars are getting to consumers who are still traveling in style, and still spending money – not sitting home worried about the economy. It is a guarantee that your critical advertising dollars are reaching a lucrative target. It is a guarantee no other publisher can provide.

4. Robb Report’s New Offer: Free Copies

Who was reading the November copies of Robb Report? According to dozens of web sites, anyone who wanted a free copy. When magazines target the ultra affluent, the goal is to make the price so expensive that the masses won’t buy it (for example, an annual subscription to Elite Traveler is $147) or put copies via audited, controlled distribution in places the very rich will be (again, as an example Elite Traveler’s BPA audited circulation to private jets, private jet terminals, pro sports team training facilities, first class lounges, etc.).

Below are interesting promotions for the November issue of Robb Report. It will be interesting to see if these are reactions to declines in either newsstand sales or subscriptions, but it is certainly the first time I have seen it:

Saving with Amy: Free Issue of The Robb Report, By Amy Free Issue of The Robb Report. Here’s a magazine that will make you drool. Centered on a luxury lifestyle, this magazine will cover the highest end automobiles, boats, real estate, and more! Get the November Issue for FREE, HERE. … Saving with Amy – http://www.savingwithamy.com/

Robb Report Magazine Free Issue 11/19/2009 By Carrie Rocha on November 29, 2009 Nobody does it better. The mission of this magazine is to be the leading international authority on luxury lifestyles. In pursuit of this mission, the magazine’s editors and writers seek out and report on a broad range of high-end, luxury lifestyle subjects. Its articles cover exotic automobiles, travel, investment, business, boating and real estate among other aspects of an upscale lifestyle. http://www.pocketyourdollars.com/2009/11/free-copy-of-nov-2009-robb-report-magazine/

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While the world’s economy today is unsteady, one thing is for sure: The wealthy consumers flying aboard private jets are your best bet, and only Elite Traveler delivers these elite travelers to our advertisers through our BPA audited circulation aboard private jets in over 100 countries, including Russia, the UAE, Kuwait, Qatar, Bahrain, Oman, India, Singapore, Korea and China. All with one ad buy!

5. More Elite Traveler Success Stories

Mr. W. B. of New York spent $2,000 on Brioni clothing and accessories

Ms. L. R. of Holland, MI spent $1,500 on a Chanel handbag

Ms. S. T. of Fort Lee, NJ spent $1,500 on a Chanel handbag

Mr. A. G. of Shirley, NY spent over $20,000 on Jacob & Co. watches and accessories

Mr. F. B. of Macedonia spent over $9,000 on flights with Lufthansa

Ms. B. E. of Palm Desert, CA spent $600 on Ralph Lauren accessories

Mr. T. V. of Santa Rosa, CA spent $60,000 on a platinum Rolex Day Date II

Mr. D. M. of Potomac, MD spent $15,000 on Stefano Ricci menswear

Mr. P. W. of New York, NY spent $900 on a Stefano Ricci shirt and tie

Out of the Box: Looking for new and innovative ways to efficiently and cost-effectively target potential customers? Combine the only worldwide audited magazine aboard private jets, Elite Traveler, with an innovative destination specific campaign in private jet terminals, including events, and get to these consumers as they narrow their consideration set through Elitetraveler.com. You can find all the tools you need at www.elitetraveler.com/business.