The Affluent Market: Benefits Of An Affluent Survey
The affluent market is a definable market that can be used to give valuable information to businesses and even governments due to the amount of disposable cash at its command. By carrying out an affluent survey you can gain an insight into what is in the minds of the wealthy: how they intend to spend their money, whether they intend to invest or spend and what they are looking for in the form of tangible luxury goods.
Although affluence can be defined in a number of ways, most in the USA regard affluent households being the top 10% with the highest disposable income – which is currently $250,000. That figure will change as people get richer or less rich and as inflation takes its toll on…
Naturally, whats luxury to one person is an essential commodity to another, but even though that is one reason why the term luxury cannot be defined, it still represents expenditure on luxuries that will interest those businesses responsible for providing them.
The affluent market is therefore a very powerful one, so it goes without saying that an affluent survey is going to offer many businesses some very useful information – but what form should this survey take? A normal consumer survey will offer people multiple choice questions to determine their spending habits, what goods they buy and on what criteria they make their purchasing decision.
This is not so with the affluent market, particularly with their expenditure on luxury goods. You only buy one luxury yacht, jet or mansion once in a decade or so, and the past purchasing decisions of the wealthy may have nothing whatsoever to do with their future decisions. If you intend to survey the affluent market you need a custom affluence survey, designed just for your business or products, and asking questions directly to the wealthy people likely to use your…
Only every now and again they make a luxury purchase. However, their major purchases – the yachts, Rolls Royces and jet planes – tend to be planned in advanced, and their purchase arranged so as to cost s little as possible, making use of investment income or tax savings.
If you have this sort of information in advance over a broad range of products, then you can make use of the results of a survey of the affluent market to plan your business strategy to take advantage of these planned expenditures.
Will they tell about them? Maybe, maybe not, but while many wealthy people refuse to take part is such surveys, many do, because they know it is to their advantage. They are more likely to have their needs met if they make these needs known. They didnt get where they are today by being stupid!
One person seeking to purchase one new product two years down the road wont help you much, but if there are several, and particularly if you can spot a trend in the intentions of the affluent market, then you may be able to plan accordingly and make a killing – because you were ready to supply when they were ready to…