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Even The Rich Comparison Shop

Posted by Michael Bloch in web marketing (Tuesday April 22, 2008 )

It seems it’s not just Joe Consumer that hunts for bargains on the web; the wealthy do too… that’s part of the reason they are rich I guess :)

The Second Annual Survey of Affluence & Wealth in America takes a snapshot of the 12 million households with over 350k of discretionary annual income. Wow, 12 million raking in that much?!? I think I better reclassify my social status to dirt poor :).

Anyhow, this group, which accounts for half of U.S. consumption and 70% of all assets, likes to comparison shop online. 70% of survey respondents use the Internet to identify, price, compare and buy fashion and home purchases. It also appears that kids have a major influence with 53% of those surveyed buy brands that their kids like. I can just imagine my father reading this and shaking his head sadly :).

The affluent also seem to prefer online shopping to in-store purchases, with 70% choosing the former. Additionally, 43% of affluent consumers are motivated to purchase through information found on the Internet and surprisingly, magazines were the next choice at 30%.

Read more of the survey results on MediaPost


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