Providing Value to Affluent Consumers

In the new economic environment, affluent consumers place a premium on products and services that deliver high quality and value. Sixty-six percent of consumers with household incomes over $150K reported that “providing the best value for the money” is important in their selection of a brand, while 50 percent said that getting the best price on everything they buy is important.[1] Eighty-two percent of high net worth respondents in a study by the Luxury Institute said quality is a top requirement of a luxury brand.[2]

Affluent consumers are less likely to cut spending than are general market consumers: while 55 percent of general market consumers say that the economy has had a negative impact on their spending, only 37 percent of those with household incomes exceeding $100K report the same. This difference is even more pronounced in discretionary spend categories. For instance, 88 percent of affluent consumers report no change in plans for spending on personal travel, versus 48 percent for the general population.[3]