WOMAN.ca Joins a Discussion on Delivering Value and Individualization in Challenging Times

A new study published by American Express shows that Canada's most wealthy individuals are going through a re-evaluation of their lifestyles and attitudes. Excess and gratuitous consumption are out, says the Inside the Affluent Space study, replaced by a more new individualist' mindset.

Fueled by the current economic environment, the study reveals an underlying trend has emerged over the past few years that has affluent Canadians asking themselves What is it that is really important to me? For many, the answer seems to be, authenticity and life enhancing experiences.

Financial caution in the current economy is definitely driving a more restrained and pragmatic attitude. But our research shows that the attitude changes among the wealthy are more deep rooted and fundamental, says Trevor Van Nest, Vice President of Consumer Card Marketing at American Express Canada. The affluent are still willing to spend on things that are meaningful to them and will somehow make their lives better. It's about enriching their lives, not simply being rich.

American Express recently invited an intimate group of media to engage with key executives in the the "luxury sector" at The Hazelton Hotel in Toronto. In moderating the round table discussion, Suzanne Cohon and Alexandra Weston of ASC, ingnited conversation on key talking points - adapting to changing attitudes, building brand loyalty and the evolution of the luxury market in Canada. Matthew Opferkuch, The Hazelton's General Manager, described how The Hazelton Hotel, Toronto's most exclusive five star hotel, has made an even more monumental effort to secure client care - setting a new standard in detail and service, even in trying times. Eric Siebert, Founder of The Private Collection, Toronto's premier automobile club providing members with fractional use of exotic vehicles, elaborated on his client's increasing interest in enhanced quality experiences and customization of delivery. Larry Rosen, Chairman and CEO of Harry Rosen, made a compelling argument for a commitment to quality - even when the bottom line is hitting rock bottom.

"We've seen a return to dressing for a corporate identity," explains Rosen. "Men want the suit that reinforces the I'm-in-charge message. The top tier of the company should look like the top tier." No more cozy cashmere, it's time for tough tailoring.

Si Si Penaloza, Editorial Director, WOMAN.ca chats with Van Nest on the mentality shift.

SP: I recently published a feature in WOMAN.ca proclaiming, "Paris Hilton is Dead. Or, At Least Mothballed 'Til the Next Economic Upswing". Paris Hilton remains a damaging force in fleecing the public with ideas of "mass luxury". She's done to luxury what Michael Moore has done to documentary. If the public starts to find her brand of frivolity revolting in the new world order, will this carve out a new direction in the luxury market?

TVN: Yes, and it's a very significant tone change - we're looking toward launching campaigns that takes this shift in direction into consideration. We've seen the emergence of the individualist' more selective, less impulsive - much more discerning and consequently harder to serve from a business perspective. For them the notion of mass luxury' is a contradiction.

SP: Who is the new face of this emerging age of sense and sensibility? In considering Michelle Obama's flawless and masterful "on message" strategy throughout the election race, I'm even more convinced she's as much a social genius as her husband.

TVN: Exactly, she hit all the right notes. She's deeply invested in her relationships and works hard to cultivate them. American Express will be rolling out branding that caters to clients more interested in experiences that are more personalized and unique. It's about enjoying a greater depth of appreciation for the luxuries Centurion can facilitate, which is much more meaningful than the mere transaction itself.

Conducted in the midst of the economic downturn in the US, and timed around the Canadian launch of the ultra-exclusive Centurion Card from American Express the Black card - the IAS research provides insight into an evolving view from the upper echelons of the wealthiest in our society that will likely have major ramifications for the luxury marketplace across Canada.

Si Si Penaloza
		About the author:
		Si Si has cultivated strong ties with editors, producers and publishers at all major Canadian media outlets. She is a seasoned print, radio and broadcast specialist. Graduating Magna Cum Laude from Bowdoin College in Maine, Si Si moved to Manhattan to study Film at New York University. Her strengths lie in contextualizing relevant content for a broad audience. She's driven to stay competitive and at the top of the market - commissioning exclusive features and launching bold initiatives.
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