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Trading up isn't just for the wealthy anymore. These days no one is shocked when an administrative assistant buys silk pyjamas at Victoria's Secret. Or a young professional buys only Kendall-Jackson premium wines. Or a construction worker splurges on a $3,000 set of Callaway golf clubs. In dozens of categories, these 'new luxury' brands now sell at huge premiums over conventional goods, and in much larger volumes than traditional old luxury goods. Trading Up has become the definitive book about this growing trend.
Michael J. Silverstein is senior partner and managing director of the Boston Consulting Group, and the author of Treasure Hunt. He led the firm-'s consumer and retail practice for a decade.
Neil Fiske, formerly a partner at BCG, is CEO of Bath and Body Works, and now applying the rules of Trading Up in a $2 billion retail business.