Why Affluent Consumers Are Important to Your Business

Affluent consumers are important to you because the wealthiest 10% of households in the USA earn 36% of the total income earned in the entire country. According to a recent affluent survey, their spending power outpunches their weight, and in fact, the affluent are responsible for almost half of all consumer spending.

affluent market research

Another aspect of the so-called luxury market is that affluent consumers are more important than may be initially apparent, because their market is definable.

While 'luxury' is a subjective term, affluence can be defined, and while there may be many possible definitions, a figure can still be put to what defines the affluent society. In this case it's been defined as the pinnacle 10% of American households in terms of net worth.

This pinnacle 10% now not only controls about 70% of the combined internet well worth of all households within the USA, but it incorporates greater than eleven million homes and that they spend nearly 50% of the entire patron expenditure within the USA.

That is a quite effective consumer body, and analysis has indicated such human beings to spend wisely and shop nicely. While it is true that much of their expenditure may be on what most might regard as luxury items, to them they are not luxuries but necessities.

For example, a home gym is necessary for them to keep fit and expensive clothes are essential business wear in their world. They take clients to the best restaurants because that's what is needed to clinch a deal, and they send their kids to the best colleges because they believe it's best for the children.

Although the wealthy may pay more, they generally have a genuine reason for doing so.
Affluent purchasers observe distinct criteria while creating a shopping choice, and will frequently purchase high priced items, no longer because of their rate or designer label, but due to the fact they're more useful, more difficult carrying and longer lasting.

They are the smart desire for those that can afford to buy them, and this must provide a clue to production industry and carrier vendors on the strategies that should be applied for brand spanking new product development and service enhancements.

The benefit of a definable market is that it can be used in planning. Whether it is your overall business plan, strategic planning or planning of your development efforts, you need a definable market in order to put numbers to your plan and to measure your performance against it.

Businesses will profit by assessing the factors involved in the purchasing decisions made by affluent consumers and keep these in mind in their forward planning.

It makes sense to cater for a relatively small number of people if they are responsible for half the nation's consumer spending. This fact alone demonstrates that this market does spend, even though they spend carefully and wisely.

The question is what are the criteria they use when making a purchasing decision? Are labels important to them, or do they place more importance on reliability and reputation? How do you find this information?

The wealthy rarely offer this type of data voluntarily, and do not participate in regular forms of market research or online surveys. The common incentives offered for participation in popular market research are of no consequence or interest to the rich.

In fact, there is an answer to this problem of affluent market research, and it lies in the wealthy realizing that it is to their benefit to participate. Affluent consumers understand that their needs will only be met if they let these needs be known. By volunteering market research information, they will be able to influence future product development in a way that benefits them.

Manufacturing companies also benefit, because they can design products to meet the needs of those most likely to buy them.

No business would be happy designing a luxury product and then try to sell it without some form of market research. Most product development arises from a perceived need, and by making their requirements known affluent consumers can be more confident of having them satisfied.

No business is going to ignore the stated needs of 50% of their market, and in terms of luxury goods, likely closer to 100%! By carrying out a market survey among the wealthier consumers, businesses will have more confidence that their research and development will result in significant sales.

If you're unsure what route to soak up your subsequent improvement, or how affluent clients would reply to a selected product layout alternate, you then need to truely ask them!

Many may answer your questions, however an immediate reaction from those involved in purchasing luxury gadgets goes to be of value to your business. Particularly if such responses provide you with an perception into what the rich are searching out next and are organized to spend their cash on.

The opinion of affluent consumers is extraordinarily essential, and in case you locate your self misplaced for contacts among the rich, or mailing addresses you may use.

The most convenient way so as to get that opinion is to apply a carrier that has those contacts that are prepared to cooperate.

You get the information you need, and the rich get the developments and the products they desire.

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