Luxury Purchasers Part 3: What Do Extremely High-Income and Wealthy Consumers Buy?
Following Bob Shullman’s article in the April 2015 issue of Admap, “Insight into US luxury consumers,” readers of that article asked for more insights about the purchasers of the seven luxury “super-categories” highlighted in that article. Who are those purchasers? What are their interests? What makes them different from the average American consumer? The two previous briefs provided insights into purchasers of specific luxury categories. This brief continues to address those questions, this time based on the following three very affluent market segments that tend to be of interest to “top of the line” luxury marketers:
• Consumers with household incomes of $500,000 or more (the top 1 percent of all adults);
• Consumers with personal net worth of $1 million or more (the top 11 percent of all adults); and
• Consumers with personal liquid assets of $1 million or more (the top 6 percent of all adults).
The good news for luxury marketers, their agencies, and the media alike is that consumers with really deep pockets are digging into those pockets with gusto, even more so than their merely affluent counterparts. These extremely high-income and wealthy luxury consumers are also purchasing with greater frequency, and this also bodes well for the entire luxury category. At the same time, challenges remain, as quality and service continue to be important for these deep-pocket consumers as well as for other luxury purchasers.