Rare watches, fine wines and spirits, sports cars, designer sneakers, and many other luxury goods create massive enrichment opportunities for consumers if they resell them on secondary markets. This trend is part of the enrichment economy, a novel form of market arrangement where consumers use iconic goods to increase their capital. However, it creates challenges for brands, such as preserving their primary market desirability and avoiding cannibalization. To understand how brands can navigate the enrichment economy, we have conducted an ethnographic study of the luxury watch industry. Drawing on market system dynamics, we theorize market processes that sustain a market within the enrichment economy. We explain the shared discourses, norms, and practices that make the enrichment economy function. This research makes four contributions. First, we theorize primary-secondary market dynamics as a novel class of market dynamics. Second, we theorize the new role of luxury brands as enrichment curators. Third, we discuss the ethics of enrichment by highlighting inequalities and risks it creates. Fourth, we introduce the enrichment strategy as a novel brand strategy that capitalizes on the market dynamics of enrichment. We offer recommendations for luxury and non-luxury brands on product portfolio management, customer relationship management, and ethical innovation.

中文翻译：

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EXPRESS：致富经济：市场动态、品牌战略和道德


稀有手表、优质葡萄酒和烈酒、跑车、名牌运动鞋和许多其他奢侈品如果在二级市场上转售，将为消费者创造巨大的致富机会。这种趋势是丰富经济的一部分，这是一种新颖的市场安排形式，消费者使用标志性商品来增加资本。然而，它给品牌带来了挑战，例如保持其主要市场的吸引力和避免同类蚕食。为了了解品牌如何驾驭丰富经济，我们对豪华手表行业进行了民族志研究。利用市场系统动力学，我们对维持致富经济中的市场的市场过程进行了理论化。我们解释了使致富经济发挥作用的共同话语、规范和实践。这项研究有四个贡献。首先，我们将一级-二级市场动态理论化为一类新颖的市场动态。其次，我们将奢侈品牌作为丰富策展人的新角色理论化。第三，我们通过强调致富带来的不平等和风险来讨论致富伦理。第四，我们引入丰富策略作为一种利用丰富市场动态的新颖品牌策略。我们为奢侈品牌和非奢侈品牌提供产品组合管理、客户关系管理和道德创新方面的建议。