Treasure Hunt: Inside the Mind of the New Consumer (Hardcover)

by Michael J. Silverstein (Author), John Butman (Author) "It was coming up to Christmas, and Alice Nelson wanted to make the holiday very special for her family..." (more)
Key Phrases: bifurcating market, value calculus, hard discounters, Dollar General, Body Works, United States (more...)

Editorial Reviews

From Publishers Weekly
In their bestselling Trading Up, Silverstein and Neil Fiske explained why people are willing to spend beyond their means for certain premium goods. But that's only half the story: as middle-class customers splurge on lingerie and appliances, they're bargain-hunting for everything else. Companies will thrive, Silverstein argues, by catering to the penny-pinching impulses of consumers, or by "spanning the poles" and appealing to both the high and low ends while avoiding anything else-there's only "death in the middle." The book's profiles of individuals who splurge-and-scrimp and case studies of companies that have successfully adapted to the polarization of the marketplace show the key to survival is to offer the perception of good value for money and an emotionally satisfying experience. This is where the book becomes a tad creepy: Silverstein analyzes female consumers' relationships with their mothers and attributes an advertising executive's "lack of a father's love, a social-climbing mother and several failed relationships" as causes of her binge-spending and scrimping. Silverstein's guide to cashing in on the top and the bottom is intelligent without becoming mercenary; business owners will take notice.
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.

From Booklist
Today's consumer is on a continuous treasure hunt with the goal of finding the perfect value, every time. As a follow-up to Trading Up (2003), these authors explore the phenomenon of how average consumers make everyday thrifty buying decisions while mixing in lots of upscale purchases. Costco parking lots across the country are filled with BMWs as middle-market consumers search for bargains where they can, all the while indulging in emotionally rich, expensive goods. With more choices of where and how to buy goods, shopping has become a 24/7 activity as consumers cruise eBay, discount houses, dollar stores, and premium outlet malls. The companies that have always provided goods for middle America--General Motors, Kraft, United Airlines, Kroger, and other traditional stores are struggling and, in some cases, failing. Citing numerous case studies, Silverstein and his coauthor lay out in detail what companies must do today to appeal to the "treasure hunt" and examine this paradigm with not only anecdotal evidence but also a considerable amount of data that you would expect from a veteran from the Boston Consulting Group. Gail Whitcomb
Copyright © American Library Association. All rights reserved

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Product Details

• Hardcover: 272 pages
• Publisher: Portfolio Hardcover (May 4, 2006)
• Language: English
• ISBN-10: 1591841232
• ISBN-13: 978-1591841234
• Product Dimensions: 9.1 x 6.3 x 1.2 inches
• Shipping Weight: 1 pounds
• Average Customer Review: 4.2 out of 5 stars See all reviews (26 customer reviews)
• Amazon.com Sales Rank: #419,235 in Books (See Bestsellers in Books)

Customer Reviews

Most Helpful Customer Reviews

7 of 8 people found the following review helpful:

4.0 out of 5 stars Quite an interesting read on the attitudes of the new middle market consumer, July 10, 2006

By	Craig Matteson (Ann Arbor, MI) - See all my reviews (TOP 50 REVIEWER)

Most of us believe we are pretty much like everyone else because we are pretty much like else everyone we know. However, this is almost certainly a false view of the world because of our very limited view of the world. Everyone we know is pretty much like us because we hang out with people pretty much like us. Statisticians call this a truncated sample. It is the goal of researchers in marketing to either look deeply into narrow samples of the market or to broaden the view much beyond what any one of us would likely to experience directly in our lives.

This interesting new book talks about what has happened to the middle market consumer who doesn't have enough to live upscale, but is certainly willing to be selective and can trade up market on items that matter to her and down market to find very satisfying purchases that also leave them the funds to splurge on higher ticket items and services. The idea is that for these folks, who have pretty decent incomes (especially when combining two incomes), and also have their spending under control, view shopping as an entertainment and finding what they want as a kind of adventure. The experience of finding something just right for less money is emotionally rewarding in a similar way to indulging the $600 designer purse is when they decide to go up market.

Michael J. Silverstein of the Boston Consulting Group (and his co-author, John Butman) take us into the budget and spending lives of several different representatives of this middle market segment and then into the some business case studies to show us the problems some face being stuck in the middle, how others are revitalizing themselves, and how some have successfully exploited this rewarding group of consumers.

Fundamentally, the issue is this. In the old days, manufacturers could make what they wanted, define the segment on their own, market to it, and sell everything they made. That doesn't work anymore. There are just too many choices. And the seemingly infinite number of choices for the consumer are not simply about direct competition. Substitution of emotional satisfaction can count as much as the function of the item. These consumers are looking for things in addition to the item itself and will buy from the vendor that provides them with the sense of having found the price and emotional value they are after.

Interesting read, especially for those involved in marketing to this segment.

6 of 7 people found the following review helpful:

4.0 out of 5 stars I saw myself in these pages, June 10, 2006

By	K. Westrich (Herndon, VA) - See all my reviews (REAL NAME)

[...] Since it isn't applicable to my business, this was more of a personal education read for me. I found the case studies to be interesting and could relate my own personal shopping habits to the theory in this book. I definitely polarize between extreme bargain hunting and carefully thought out splurges, depending on the item. I do neglect the middle market, but I wasn't consciously aware of it until I read this book. I also feel like I learned some new bargain hunting tips from reading Treasure Hunt - I can't wait to venture into the dollar stores that are all around but I haven't yet explored, for example. I was interested to read some of the stories about various brands who have been thinking about and acting on these theories. I realized that I started shopping at Bath and Body Works only after their recent re-envisioning. I also learned about the "LG" brand that I've been seeing everywhere over the last six months but hadn't heard of before. I think this is a good book for anyone who makes and sells products and provides services - my friends and I certainly shop this way and there are some useful insights for businesses. It is also an interesting read for people like me who just like peering into the mind of the modern consumer.

3 of 3 people found the following review helpful:

5.0 out of 5 stars A Business Book About...ME! [and my sister, and my Mom, and all my friends], May 5, 2006

By	Penny Reads (New York, NY United States) - See all my reviews

What a fun read! I see myself in almost every chapter...and anyone who loves to shop will find themselves as well. Unlike most business books, Treasure Hunt is filled with stories of real people...and each had me saying "aha, I do that! I love knowing that someone else stockpiles goodies from Costco, or shops for designer scarves on ebay just for the fun of collecting them. And I feel better knowing that I'm not the only one scrimping on groceries so I can splurge on a fancy hair salon.
What really sets Treasure Hunt apart, however, is that while it's a great read, it's also full of strategic business insight. It's a must for every CEO [as well as his Mom]. Silverstein is the first to actually come out and say that today's consumer has a mind of her own...and a damned good one. Today's shoppers, primarily women, are savvy about value and won't settle for less....and each has her own sense of what's worth trading up for...and what's not. It's about time some recognized how much demanding consumers are changing the marketplace. In this book, we shoppers finally have a voice...and a loud one. And Silverstein says if businesses want to sell to us...they better listen!