Wealthy People Shop By Going To Stores And Interacting
Wealthy shopper prefer the traditional method of shopping, They to go to shops, look at the items, and have a salesperson help them pick out what they want to , they do not shop online, that according to a new survey.
Research and advisory firm the Luxury Institute surveyed 1,600 wealthy people about their shopping habits.
The men and women earn at least $150,000 a year and boast an average net worth of $2.9-M. The study found that few affluent shoppers research exactly what they want to buy, then go out and make the purchase. Instead, they walk around a store and see things up close. And many insist on guidance from live sales people.
“Luxury experts and luxury executives have bought into the myth that, whether its millennials or men or women, they have done so much research on the Internet that they can no longer be influenced in the store,” says Milton Pedraza, chief executive of the Luxury Institute. “This demonstrates the tremendous opportunity to create relationships based on expertise, trust, and generosity in the store.”
For instance, when buying jewelry, about 50% of women do not do any research before heading to the store, preferring to gaze at all the shiny baubles in glass cases and make their decisions on the spot. This number’s higher when it comes to fashion accessories, with 60% of women opting to forgo online research before buying a pricey handbag.
The only exceptions are men who want to buy a watch, with 28% selecting the specific item beforehand, and women who are purchasing beauty products, at 26%. That is because buyers of expensive watches are often aficionados wholly familiar with the world of fine timepieces, while makeup purchases usually occur to replenish items that have been used up.
Though visiting stores without help is the most popular method of researching what to buy, many wealthy shoppers prefer to be guided, with aid from a salesperson. Men want help picking out watches, jewelry, and clothing, women are most likely to want an associate’s expertise on shoes and beauty products. The Workers behind the counter are relevant after all.
For salespeople, the perpetual quest to “sell” the customer is a model that no longer works, says Mr. Pedraza. Shoppers go to them for knowledge and guidance, not having products shoved in their faces. For this, luxury retailers are training workers to build real, human relationships over time.
“If you earn their trust, you earn the right to contact them again,” he says. That is the old fashioned way.
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Paul Ebeling
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