12
Nov

Purchasing habits of the wealthy and very rich

How much do you need to make in a year to be considered wealthy? While most Americans have varying ideas on the subject, most say you need to bring in at least $1 million per year.

Did you know that less than 20 percent of American adults fall into this category? According to the Shullman Research Center, they’re also responsible for a significant portion of luxury goods purchases. And while chances are you don’t fall into the category of ultra wealthy—even just wealthy—it might be nice to have that kind of money.

So, now the question becomes what would you purchase if you were in that 20 percent? In the following infographic from Adweek, they break down the purchasing habits of the wealthy, including what products and services that they covet most. Take a look below:

Infographic: Which luxury goods are America's wealthy buying?

Which luxury goods are America’s wealthy buying?

  • Total who bought luxury: 46 million people (19% of Americans)
  • Household income >$500K: 69% bought luxury goods and services
  • Personal net worth >$1 million: 49% bought luxury goods and services
  • Personal liquid assets >$1 million: 56% purchased luxury

Luxuries bought in the last 12 months

Premium fragrances and cosmetics:

  • 8% of total American adults
  • 44% of total luxury purchasers
  • 35% with household income >$500K
  • 40% with net worth >$1 million
  • 36% with liquid assets >$1 million

Fine wine/beer/spirits:

  • 10% of total American adults
  • 49% of total luxury purchasers
  • 57% with household income >$500K
  • 58% with net worth >$1 million
  • 59% with liquid assets >$1 million

Fine watch or jewellery:

  • 8% of total American adults
  • 25% of total luxury purchasers
  • 38% with household income >$500K
  • 39% with net worth >$1 million
  • 41% with liquid assets >$1 million

Designer clothing/accessories/evening apparel:

  • 4% of total American adults
  • 23% of total luxury purchasers
  • 35% with household income >$500K
  • 32% with net worth >$1 million
  • 32% with liquid assets >$1 million

Luxury car/SUV/truck:

  • 3% of total American adults
  • 15% of total luxury purchasers
  • 34% with household income >$500K
  • 22% with net worth >$1 million
  • 19% with liquid assets >$1 million

Home furnishings/art/antiques:

  • 4% of total American adults
  • 23% of total luxury purchasers
  • 45% with household income >$500K
  • 29% with net worth >$1 million
  • 29% with liquid assets >$1 million

Luxury cruise or vacation:

  • 5% of total American adults
  • 28% of total luxury purchasers
  • 59% with household income >$500K
  • 43% with net worth >$1 million
  • 31% with liquid assets >$1 million

So what does this mean for marketers? Probably that they’re willing to spend money on the most expensive potato chips and cup cakes.


Source: http://www.adweek.com/news/advertising-branding/infographic-purchasing-habits-wealthy-and-very-wealthy-166626

Daniel is an Art Director and Graphic Designer with over a decade of experience in advertising and marketing in the Greater Toronto Area.

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