May 3, 2006

Jack Covert Selects: Jack Covert Selects -- Treausre Hunt

By: Jack @ 3:26 PM – Filed under: Management & Workplace Culture

Treasure Hunt: Inside the Mind of the New Consumer
by Michael J. Silverstein with John Butman, Portfolio, 240 Pages, $26.95 Hardcover, May 2006, ISBN 1591841232
A while ago author Michael Silverstein co-wrote a bestselling book called Trading Up about why people buy luxury goods simply because they deserve it, not because they can afford it. Treasure Hunt extends that idea by explaining why middle-income folks skimp on certain purchases to save up for a high-ticket item--such as spending $200 on a haircut yet shopping at Target for essentials.
These consumers, mostly women, are better educated, have more disposable income, and are buying with more sophistication than ever. They have a sense of purpose and power when they buy and use goods and services. Consumption, for them, is not a tedious necessity or an unavoidable chore. It is a serious effort to use money wisely, it is an important obligation to the people they care for, and it is a treasure huntfor goods and services that may be cheap or dear, technically sophisticated or whimsical, basic or feature-laden, but are always functionally and emotionally significant.

Because of this treasure hunt, the middle of the market is disappearing. "The treasure hunt is a real and global phenomenon that presents challenges to both retailers and their suppliers, and has delivered death in the middle to the average, middle-market producercompanies like Chevrolet and Kraft.
In each chapter, you'll learn about the stores (including Aldi, Bath & Body Works, Best Value Inn and more) that have brought about and have been affected by this change. Plus, you'll read the profiles people in the U.S. and around the world that are treasure hunters and discover how this affects their lifestyles. As a merchant, I recommend this book.
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