Wealthy Consumers Buy Without Research


    In most cases, only a very small minority of wealthy consumers make a purchase after researching exactly what they intend to buy, finds a survey by Luxury Institute. Only among men shopping for watches (28 per cent) and women shopping for beauty products (26 per cent) are there a significant percentage of wealthy shoppers who enter a store knowing precisely what they want to buy. Women are much more likely than men to enter stores without doing any prior research into what they plan to buy, relying instead on what they see and experience in stores. Men usually have done some research, but also make their final purchase decisions in-store. The widest differentials are in jewelry, where 49 per cent of women rely solely on what they experience in stores to decide on a purchase compared to 21 per cent of men. The survey says as far as finding out about new products, men are most likely to report that visiting a store and looking at displays without help from a sales associate is the best way to learn about offerings in apparel, shoes, and fashion accessories (39 per cent). Jewelry and watches are the categories in which wealthy men are most likely to say that obtaining assistance or recommendations in-store from a sales associate is the best way to learn about a potential purchases. For wealthy women, visiting stores and looking at displays without help is the best method of finding out about new products in all luxury categories.