Though the ultra wealthy make up less than one-fifth of American adults, they are responsible for a significant portion of luxury goods purchases, according to the Shullman Research Center, a marketing research firm specializing in affluent insights.
What does this mean for marketers? A lot, actually.
"The good news for luxury marketers, their agencies and the media alike is that consumers with really deep pockets are digging into those pockets with gusto, even more so than their merely affluent counterparts," said Bob Shullman, the research firm's founder and CEO. "These extremely high-income and wealthy luxury consumers are also purchasing with greater frequency, and this bodes well for the entire luxury category."
Illustration: Carlos Monteiro
This story first appeared in the Aug. 31 issue of Adweek magazine. Click here to subscribe.