Millionaires are different from the rest of us – they have more money. The latest research from Shullman, Where and How the Wealthy Shop, reveals the shopping patterns for consumers who have a personal net worth of over $1 million. This research indicates wealthy consumers have different shopping patterns, as well, and these patterns vary along generational lines. According to the Shullman data, wealthy consumers break out into the following age groups:
- Silent Generation 7%
- Baby Boomers 49%
- Gen X 20%
- Millennials 23%
On average, 80% of millionaires prefer to research products online with Millennials having the highest rate at 90%. About 6% turn to their tablets while 1% use their smartphones for research. Interestingly, it is the Gen X millionaires who exhibit the highest smartphone research rate at 4%. Gen Xers are also most likely to call a store (15%). A significant number of Baby Boomers, 23%, go to the store to research products in person at a store.
While 48% of affluents prefer to purchase online, Gen Xers exhibit the highest rate at 65%. Another noteworthy finding was the high number of Millennials, 52% who prefer to shop in person as opposed to online, 39%. Overall, 41% of millionaires say they are not comfortable shopping online via smartphone.
Affluents are strong supporters of locally-owned businesses with 64.6% claiming to prefer shopping in this channel according to Ad-ology Research. About 53% of these consumers say they support companies that sponsor their favorite sports teams and athletes, a rate which is over 100% higher than average. While these consumers may have money, they’re not immune to the lure of a deal. 23.9% say seeing a daily deal has led them to start an online search in the past year. For these shoppers, online research often leads to in-store purchases.
AudienceSCAN data is available as part of a subscription to Ad-ology PRO. Media companies can access AudienceSCAN data through the Audience Intelligence Reports in AdMall.