These five billionaires prefer to keep their personal lifestyles simple. You'll recognize them from the companies they keep. Enron, Ikea, Meijer Grocery, and Google. They buy suits off the rack, drive around in old cars or trucks, fly commercial airlines, usually coach. Warren Buffet, $57 billion, Ikea's Ingvar Kamprad, $33 billion, Frederick Meijer, $2 billion, Richard Kinder, Enron, $2.9 billion.
Not-so-affluent wannabe types, on the other hand, choose to fake their status:
Implications - With the recession coming to an end, consumers are looking for ways to integrate an aspect of luxury into their lives. Products that contain an element of prestige are appealing to those who desire exclusivity. In order to draw in a greater number of shoppers, a company could hone in on this.
What's Driving This Trend
- Simplicity Over Luxury
- The trend of choosing a simple lifestyle over luxury is gaining popularity among billionaires and could be integrated in product design and marketing.
- Affluent Wannabes
- The trend of fake status among not-so-affluent individuals could be addressed by companies offering affordable, yet exclusive products.
- Prestige Products
- The trend of consumers seeking exclusive and prestige products is on the rise and could be capitalized by businesses.
Who This Affects Most
- Fashion Industry
- The fashion industry could offer affordable yet exclusive clothing options to address the trend of simplicity over luxury and fake status.
- Automotive Industry
- The automotive industry could focus on designing affordable cars with a touch of luxury to cater to the trend of simplicity over luxury.
- Consumer Goods Industry
- The industry for consumer goods could create products with an element of prestige to tap into the trend of consumers seeking exclusive and prestigious products.
