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 the worth of money. However, the affluent 10% is responsible for nearly 50% of all consumer spending across the USA.
What you can read into that figure is that it's not all going to be spent on standard consumer goods and that there are going to be quite a few luxury goods included in it. Naturally, what's 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 product.
It doesn't matter if that is tangible, such as high-end jewelry, luxury transport or expensive clothing, or non-tangible such as high-ticket luxury vacations or corporate events: a custom affluent survey can provide you with information that could affect your development and marketing for years to come.
By asking rich people:
What they think they will spend their money on over the next few years, If they have any projects in mind, What improvements they would like to see in products they currently use, Do they intend to spend at all next year or just wait? If there is something they wished they could buy but can't because it doesn't exist
You can get an insight into what's in their minds, and how your firm could best meet their projected needs.
Keep in mind that affluent consumers do not go around buying luxuries all day every day: they frequently live frugally, eating at home and buying basically what you and I buy. 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 didn't get where they are today by being stupid!
One person seeking to purchase one new product two years down the road won't 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 buy!
By commissioning a custom affluent survey, you may be able to get the jump on your competition in this respect, and be in a position to take advantage of the intentions of the affluent market because you were proactive. Retrospective analysis generally fails with affluent consumers, but if you can look ahead...
It is possible to survey the affluent market and get useful information on the future purchasing intentions of the wealthy. More information on carrying out a custom affluent survey is available from AffluenceResearch.org.
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