So far, we have introduced you to affluent consumers and discussed their lifestyles, their use of technology, and their social media engagement. Now, we are going to discuss how all these factors contribute to the way they purchase products.
How are they using mobile commerce?
Affluent consumers have the same eagerness to use mobile commerce as they do to adopt the latest technology. For all stages of the purchase journey — from researching and buying to reviewing — the mobile is now the go-to device for affluent consumers.
According to GlobalWebIndex, 40% of affluent consumers have used a mobile payment service in the last month. This number rises to 45% for consumers aged 25-34, those considered to be highly tech-savvy and mobile-first. We are also seeing the QR code gain traction, with almost half of affluent consumers having used or scanned a QR code in the past month. Again, this is more common among younger affluents but is still relatively high for those 55+ at 40%.
Not only are affluent consumers searching and buying products online using their mobile devices, they’re also likely to post a review of a product via their mobile. This ties back to our discussion of how loyal and vocal they are about brands that they build relationships with. These consumers are also more likely than not to read reviews of products left by previous purchasers before buying the product, which shows they value the opinion of others in their purchase journey. They are going to make sure to do their due diligence before buying a product.
Over half of affluent consumers search for products or services they want to buy on a mobile device. They are also using social media apps on their mobile devices to search for and purchase products. This is why it is becoming increasingly important that brands have mobile-friendly sites. Affluent consumers will be quick to leave a site they have trouble navigating.
How do they discover brands?
Like they are for the average internet user, search engines are the most popular form of brand discovery among affluent consumers. This is followed by ads seen on TV, word-of-mouth recommendations, and ads seen on social media. Close to one in four affluent consumers turn to customer review sites for brand discovery, which correlates with the emphasis they place on the opinion of others. Despite this group’s growing tendency to ad-block, we still see many of them discovering brands through ads seen on websites, suggesting that online advertising can still be effective for this group.
This audience is also particularly receptive to influencers, especially those in emerging regions. Many affluent consumers use social media to keep up with celebrities and other high-net-worth individuals and are keen to buying products that are endorsed by them. Brands can utilize these influencers to reach more consumers in certain niche markets.
Where do they go for product research?
In line with how affluent consumers discover brands, search engines remain the top option for online research for close to half of affluent consumers. Younger affluents opt for social networks while older affluents rely more on consumer reviews. This is consistent with social media usage, as we see more younger affluents engaging with brands on social media than their older counterparts. This showcases the increasingly important role that social media plays in the purchase journey for younger internet users.
Affluent consumers over index for engaging with brands on social media, whether that’s sharing a brand’s post, uploading a photo or video to a brand’s social media page, or asking a question to a brand on a social network. These consumers are not simply buying products; they want to be actively involved with brands. If brands want to successfully market to younger affluents, it is vital that they establish a strong social media presence and utilize it to build relationships with these consumers.
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.