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Let Them Eat Cake: Marketing Luxury to the Masses - As well as the Classes Hardcover – January 1, 2005
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Top Customer Reviews
In the first two chapters of the book, the author defines today's luxury market and the term "new luxury." In short, new luxury is more about experience than about money or expensive things, although such an experience cannot be obtained without money. As Americans, especially the baby boomers, have more disposable income to spend, what they crave is the experience of self-actualization and expression of individuality. This is different from the old snobbish and arrogant concept of luxury, which emphasizes exclusivity. For example, having some quietness for taking a cup of good coffee while enjoying the view of the city is counted as a luxurious event by some people.
In chapter three, the author defines the consumers in this luxury market with basic demographic information. In subsequent chapters, discussion continues along the four traditional Ps in Marketing: Product (what different luxury consumer groups buy and why), Price, Promotion, and Place (where they shop). One interesting finding is the fact that, these shoppers are frugal and they are bargain hunters. They buy everything on sale unless sales are not common in a category, such as fragrances and beauty products. They do not need to shop this way but do so because they are wise and value-conscious.
Then the author's writing turns to the marketers with important advice derived from the nature of this market, distinguishing the myths from the facts. The last chapter is a summary of the book.
The contents of this book are based on empirical research performed by the author and her colleagues.Read more ›
I was dissapointed by this book and the way it was written. The author presents a deluge of data and consumer opinions. There are numerous charts that present surveys and polls but the book fails to extrapolate on the data. In numerous occasions, references to specific years in which a certan luxury good had higher growth or lower growth are cited but the author failed to site why and if this trend would continue. It also fails to describe why luxury goods companies have done so well. Only a brief page or two is written about a company and it's products but fails to establish what drives demand for luxury goods.
The book scratches the surface of the psychological buying factors for luxury goods, other than for the "experience." For a much better read, read Trading Up.
These days, it is much harder to get people to buy luxury items, to drop the bucks and make the purchase seem worth the price. The difference between the past and the present? Creating a total and even MEANINGFUL experience, convincing the buyer that purchasing a particular item or experience will enhance his or her life. They might even want to feel that spending a zillion bucks is a PRACTICAL decision.
The author not only explains why buyers purchase luxury items today but will show you how to go about convincing them to buy YOUR items. If you aren't in the business of selling luxury items, you'll still find this a fascinating read - as it shows you WHY you might fall prey to the appeal of certain "luxury" goods, for better or worse.
Most Recent Customer Reviews
Let Them Eat Cake is an excellent read on marketing luxury items to the masses. It helped me tremendously with a biz I used to own. Read morePublished on August 16, 2013 by W. Mason Preddy
Undiscovered information about the luxury fashion business. Realistic views with psychological analysis of consumer behaviour.Published on April 4, 2008 by Oi Willey