The affluent consumer is a small yet powerful group.
According to luxury marketing firm Unity Marketing, they represent 20% of U.S. households, with an average household income of $181,905, .
Affluents have 50% of the nation's income and represent 40% of all consumer spending -- a powerful pull for a luxury brand.
But this group has also seen its numbers dwindle during the recent recession, and spending on luxury goods hasn't yet returned to pre-recession levels -- these consumers don't yet feel confident in their current financial stability or future.
And while they are willing to pay for high-quality products and special services, the way they do this has changed -- along with the rest of the U.S. They want digital experiences that replicate and remind them of visiting the store; otherwise, they are fine with shopping at mass retailers, such as Amazon.
If you're looking to appeal to this influential group but want a better understanding of their wants and needs, consider these 29 stats on what the affluent customer looks like and how they buy luxury goods:
59% of traffic to luxury sites is from mobile devices. [PM Digital]
The U.S. luxury market is 3.5 times larger than the next largest market, Japan. [Bain & Company]
Only 22% of affluents agree that if a luxury product goes on sale, it lessens the perception of luxury. [RSVP Publications]
Mass affluents are 8% less likely to watch broadcast TV and 25% less likely to watch cable TV than the average U.S. household. [Nielsen]