|Decline in marriages: Bad for luxury businesses.|
Tuesday, 30th November 2010
Source : Pam Danziger, president of Unity Marketing
A new study by the Pew Research Center finds a 'marriage gap' growing along income, ethnic and generational lines.
They report, "Marriage, while declining among all groups, remains the norm for adults with a college education and good income but is now markedly less prevalent among those on the lower rungs of the socio-economic ladder." Click this link to learn more about the Pew study of marriage http://bit.ly/hW9SZv
"The findings of the Pew study will have a direct and potentially negative impact on the prospects for luxury marketers in the future," says Pam Danziger, president of Unity Marketing, a boutique research firm that specializes in the affluent consumer market.
"Among the affluent segment of the population, a number of demographic factors like marriage are aligned with increased levels of wealth. That young people are delaying marriage or foregoing it altogether means fewer households will have the spending power to afford luxuries over the long term. That marriages rates are declining among certain ethnic and educational groups ultimately can limit their social mobility up the rungs to affluence."
Pamela N. Danziger is an internationally recognized expert specializing in consumer insights for marketers targeting the affluent consumer. She is president of Unity Marketing, a marketing consulting firm she founded in 1992. Pam received the Global Luxury Award for top luxury industry achievers presented at the Global Luxury Forum in 2007 by Harper's Bazaar.