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Where the High-Income Shop

The Luxury Institute analyzes shopping habits.

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By: Jamie Matusow

Editor-in-Chief

High-income shoppers said they were just as likely to make a purchase at a brick-and-mortar store (78%) as they were online (77%), in the past 12 months.

The Luxury Institute surveyed wealthy consumers earning at least $150,000 a year about their usage of the Internet and mobile devices, and how these technologies affect their interaction with brands across platforms.

The report showed that despite the growing popularity of mobile and tablet shopping, research done on a traditional computer still feeds foot traffic into brick-and-mortar stores – leading to in-store purchases among 45% of the consumers surveyed. Only 25% of wealthy shoppers buy online after checking out merchandise and gaining insights at a store.

Also, 20% of wealthy consumers reported using a tablet’s web browser to make a purchase during the last year. Catalog purchases were made by 17% of shoppers; telephone orders were made by 15%; and only 14% of shoppers made a purchase using a smart phone.

The bottom line is that brands should take note of this advice:

“Successful brands turn shopping and browsing into a seamless experience across traditional websites, apps for smart phones and tablets, and within brick-and-mortar stores. Wealthy consumers are eager users of the latest technologies and brands need to be, too,” says Milton Pedraza, CEO, The Luxury Institute.

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