Affluent Consumer Trends
Affluent consumers are the cornerstone market for every luxurious business. They have high-income levels and remain optimistic about the future, and thus, are the desired consumer segment for all sectors across the globe.
They perceive themselves to be reliable and crucial consumers; thus, they expect to be treated with utmost attention and recognition at every point during the customer lifecycle. They also demand the brand and the product/ service to satisfy their desires to the best of the brand’s abilities.
In order to capture the affluent consumer market to the maximum, marketers need to deep dive into understanding their behavior and lifestyle requirements. Affluent consumers are highly image-conscious and have ambitions for the future. They fall under the category of ‘cosmopolitan’ and associate themselves with the brands that elevate their status. They are on a constant lookout for brands that complement their social status and keep them relevant in the current times.
The brands and businesses that target affluent consumers consistently follow their trends and behavioral patterns. These are few pointers that must always be kept in mind by luxury businesses:
1. Social Media Reach – Affluent consumers are known to have been using social media, especially Facebook, Pinterest, and Instagram, for not only following the trends but also sharing their user experience with others. Thus, having a positive reach and response is a must for businesses.
2. Device usage – A majority of consumers have resorted to mobile phones for online shopping. A recent study conducted by PM Digital confirmed that close to 59% of the traffic to luxury brand sites was emerging from mobile devices. Additionally, the Accenture study suggests that 55% of consumers also resorted to mobile devices for payment. However, a considerable proportion of people tend to use laptops, tablets, and other such devices for their daily shopping needs. Thus, it becomes all the more critical to have responsive pages that work best on all electronic gadgets to provide the best in class user experience.
3. Search engines and multi-channel marketing approach – The receptivity of affluent consumers is divided across various brands. They not only resort to online mediums but also traditional marketing mediums while researching a brand. Statistics suggest that almost 46% of the affluent consumers chose search engines to look for brands that match their requirements. Thus, the brands must often follow a strategy that leverages both the channels to reach the maximum users.
4. Convenience and humanizing the brand – The affluent consumers seek an answer to their queries in one stop. That could either be a website visit or a phone call. They associate themselves with not just the smooth functioning of a brand but also of the humanization of brand on social media platforms. Social causes and the stand taken by numerous brands across diverse platforms are essential to brands across various platforms. It is thus a crucial piece of information for an affluent consumer to be associated with a brand.
Nonetheless, the most significant affluent consumer trend is that they seek authenticity! As a marketer, one must pay extra attention to not only selling the product but also focus on personalization offerings that can be provided to the consumers. They love reading reviews of products and flaunting their prized possessions online. So give them reasons to celebrate their authenticity while making relevance your new legacy!