In our last blog post, we introduced six key traits of the affluent consumer. Today, we are going to expand on the attitudes of these consumers and explain how their lifestyles influence the brands they pursue and ultimately build relationships with.
Affluent consumers are highly ambitious, career-driven, and status-oriented. According to the GlobalWebIndex, they are 1.2 times as likely as the average online population to value their career above all else. GWI also states that these consumers are 1.5 times as likely as the average to be status seekers, claiming that money is the best measure of success. In order to effectively target affluent consumers, brands should keep in mind that these consumers buy products that enhance their social status, regardless of price, and prefer products that make them appear successful in front of their peers.
Affluent consumers are always striving to be the best they can be, which is reflected not only in their social lives, but in their careers as well. They are typically wealthy, well-educated and senior businesspeople, with 17% being CEO or president of their company, according to GWI. These consumers are interested in investments, business, and gambling, which is reflected in their reasons for using the internet. Many use the internet to manage their finances and savings, and to do various networking tasks and business-related research. It is wise for brands to target websites such as LinkedIn, online newspapers, and various banking websites to effectively reach these consumers on sites they frequent throughout the day.
When you think of elite brands, I’m sure some that come to mind are Apple, Tesla, Louis Vuitton, Nike, etc. These are brands that the affluent consumers are paying attention to and following closely. They are extremely brand-aware , meaning that they like to keep up with the latest trends and fashions. According to GWI, 70% of affluent consumers say that they tend to buy the premium version of a product, as it will help them stand out among their peers. These consumers also seek to make an impact and look to buy from brands that check that box. Whether the brand gives products to the less fortunate, donates to charities, or labels itself as “cruelty-free,” affluent consumers like to know that their purchase is making a difference.
Another personality trait of affluent consumers is that they prioritize brand status over seeking value in the products they buy. They don’t hesitate to pay more for what they want, making them a prime audience for luxury brands. If two identical products from two separate brands were placed in front of them, affluent consumers would choose the product coming from the brand that they believe would elevate their status, regardless of price or quality. Again, their focus isn’t on the price, but rather the status associated with it.
We will discuss in a later blog post just how important brand relationships are to affluent consumers, but it is important to note here that these consumers highly value one-on-one relationships with brands. Providing high-quality products alongside rewards and discounts will encourage brand loyalty and create long-lasting relationships with these consumers.
In our next blog of this series, we will discuss how affluent consumers view and use technology, as well as how they use technology to access media.
Here at The Brandon Agency, we specialize in targeting affluent consumers and are constantly finding new ways to keep up with and understand their behavior. To get started with help from our team of certified brand strategists and data-driven marketing experts, contact us today.