Despite their wealth, affluent consumers aren't as quick to dish out big bucks as one might think. In an October survey, Unity Marketing found that the top 20% of American consumers are being cautious about fourth-quarter spending this year. Despite reports that the economy is improving, factors such as unstable governmental policies have some wealthy would-be shoppers thinking twice about their holiday shopping. In a question about future spending, only 20% of those surveyed said they plan on spending more on luxury goods this year than last.
'Tis shaping up to be a good holiday season for Affluent-focused brands. At least that's the suggestion from our October 2013 Affluent Barometer, which finds Affluent interest in holiday travel and holiday spending significantly ahead of last year.
"How do you market to affluents?" is a typical question a brand will ask any agency. Affluents represent the "white whale" of marketing that can prove elusive and hard to capture. And their capture does represent a "whale" of a purchase where your typical affluent may drop $2,500 on a luxury item.
Major retailers (e.g., brick-and-mortar retailers, online-only retailers, and those that are omni-channel) target and service a wide variety of socio-economic segments. With the 2013 holiday shopping season approaching and with Amazon continuing to grow rapidly and appearing frequently in the business news, the Shullman Pulse Fall 2013 Preview Wave surveyed U.S. adults regarding the stores where they have bought goods and services in the past 12 months. The following focuses on the top 10 stores according to consumers' reporting they made a purchase there in the past 12 months.