Are Doors and Windows a New Status Symbol?
According to a recent Spectrum Group study highlighted in an article by CNBC, the super-, mega-, crazy-rich folks in this country have become slightly less materialistic. Where the folks with a net worth of more than $25 million used to spend money on cars and jewelry and other such status symbols, research shows they’re now spending a greater percentage of funds on life experiences and home improvement. It’s still lavish amounts of money, the article says, but it’s more about making memories on vacation and creating a living environment worth celebrating.
Now, you may not deal with $25 million+ customers day in and day out, but have you seen an uptick in high-end clients in recent years? Or if you've regularly focused on the high end, are your customers spending more on improvements to their homes? Is it possible that multi-panel doors and oversized window walls are the new bling that people want to show off to friends and neighbors? Please take a moment to vote in our poll and send me an email or post a comment.
Survey Results as of 10/09/2012:
Ultra high-end clients are:
Not spending more and there doesn't seem to be more of them.
Not part of our target market.
Spending more and there's more of them.
Spending more, but we're not seeing more of them.
Not spending more, but there does seem to be more of them.
This week's poll left our participants fairly evenly divided. It makes sense, given that we serve such a wide variety of customers in the window and door segment. After all, triple-digit fenestration packages aren't exactly commonplace for many retailers and manufacturers. Still a solid 20 percent of poll respondents are saying that there are more luxury clients lately and they're willing to spend. So even with a small slice of the pie, this increase certainly translates to some significant revenue.