A store’s environment holds substantial power when it comes to the spending habits of wealthy shoppers, according to a new survey.
The Luxury Institute polled 1,600 men and women with an annual income of at least $150,000 and an average net worth of $2.9 million to investigate the shopping habits of the wealthy. The group found that when it comes to purchasing jewelry nearly half of women (49 percent) do no research and rely on the experience at the store to help them make their decision. Sixty percent of female respondents say the same of their habits when purchasing fashion accessories.
The behavior of wealthy male consumers skews differently. Less than a quarter of male respondents (21 percent) say that in-store experiences help them determine jewelry purchases, and less than half (40 percent) felt the same of fashion accessories.
But sales associates are not always a necessary component in drawing wealthy consumers toward new product. More than half of female respondents (57 percent) say that they prefer to look at store displays to find new luxury apparel products, instead of having them pointed out by a store associate. Similar numbers of shoppers said the same of fashion accessory purchases (55 percent), shoes (54 percent) and handbags (53 percent).
When it comes to learning about new products, men track slightly lower on the independence scale. Less than half of men (44 percent) say they like to discover new products from store displays without the help of a sales associate. Even less feel the same about fashion accessories (39 percent of male respondents), jewelry (37 percent) and watches (33 percent).