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Who Buys Source

According to a 2014 report by the Shullman Research Center, of those adult consumers with a net worth of at least $1 million, 24% are in the 18-34 age bracket, 41% are ages 35-54, and the remaining 35% are in the 55-and-older age group.

Shullman Research Center, 2014

Based on statistics compiled by the Shullman Research Center, share of adults with $1 million or more in personal net worth, according to generation: Millennials (ages 18-33), 23%; Generation X (ages 34-48), 20%; Baby Boomers (ages 49-67), 49%; Silent Generation (ages 68+), 7%.

Shullman Research Center, 2014

A 2014 report by the Shullman Research Center determined that the number of adults in the U.S. with a net worth of at least $1 million was almost evenly split between men and women. The average age of all millionaires was 48.3 (46.2 years for men and 50.5 years for women).

Shullman Research Center, 2014

A study by the American Affluence Research Center identifies the wealthiest 10% of U.S. households as having a minimum net worth of approximately $800,000. The top 5% have a minimum net worth of around $1.5 million, and the top 1% have a minimum net worth of approximately $6 million.

Marketing Daily, 2014

According to a survey of households with incomes of $250,000+, 82% of Millennials in this income category say they "definitely or probably will buy luxury products or services" in the next 12 months, compared to 73% of affluent Gen Xers and 63% of Baby Boomers. 

Shullman Research Center, 2014

Based on a study by Phoenix Marketing International, states with the highest number of millionaires per capita: 1. Maryland, 7.70; 2. New Jersey, 7.49; 3. Connecticut, 7.32; 4. Hawaii, 7.18; 5. Alaska, 6.75; 6. Massachusetts, 6.73; 7. Virginia, 6.64; 8. New Hampshire, 6.48; 9. Delaware, 6.20; 10. California, 6.04.

The Wall Street Journal, 2014

A 2014 study by the Shullman Research Center determined that two-thirds of Millennial millionaires are male, compared to 40% for Baby Boomers and 55% for Gen X.

Shullman Research Center, 2014


Why They Buy Source

Based on a 2014 survey of adults 18+ with a personal net worth of $1 million or more, of the 28% of this group who purchased any luxury products/services in the last year, who they were buying for (more than one answer possible): Bought for self, 72%; bought for a family member, 32%; bought as a gift for a family member, 16%; bought as a gift for someone else, 4%.

Shullman Research Center, 2014

A 2014 survey by the Luxury Institute showed that convenient return, refund and exchange policies, along with lifetime guarantees and free shipping are all extremely important to wealthy consumers when purchasing luxury goods.

Luxury Institute, 2014

Based on research by the Luxury Institute, location is by far the most important factor in the decision-making process for affluent consumers when purchasing a residential real estate property. Other considerations include property condition, price, home amenities and view.

Luxury Institute, 2014

How They Buy Source

Among consumers with a net worth of at least $1 million, how they prefer to shop: In-person at a store, 48%; online on a computer, 38%; online on a smartphone, 5%; online on a tablet, 4%; by phone/by calling the store, 2%; through a personal shopper, 2%.

Shullman Research Center, 2014

Among Millennial consumers (ages 18-33) with a net worth of at least $1 million, their preferred shopping methods: In-person at a store, 52%; online on a computer, 30%; by phone/by calling the store, 8%; online on a smartphone, 5%; online on a tablet, 4%; through a personal shopper, 1%.

Shullman Research Center, 2014

Among Generation X consumers (ages 34-48) with a net worth of $1 million+, how they prefer to shop: Online on a computer, 49%; in-person at a store, 25%; online on a smartphone, 12%; through a personal shopper, 8%; online on a tablet, 4%.

Shullman Research Center, 2014

A survey of consumers with an average household income of $268,000, conducted by the American Affluence Research Center, found that the average amount they spent on holiday gifts in December 2013 was $2,694. Approximately 50% of affluents' holiday spending was done in stores, with 38% coming online, and the rest attributed to phones and other methods.

American Affluence Research Center, 2014

According to research from Experian Marketing Services, affluent consumers (those with household incomes over $100,000) are 12% more likely to purchase food products through their phone (and 29% more likely to do so through their tablet), as well as visit the Web sites of popular restaurants and the leading online reservations sites.

Marketing Daily, 2014

Among Baby Boomers (ages 45-67) with a net worth of at least $1 million, their preferred shopping methods: In-person at a store, 53%; online on a computer, 39%; online on a tablet, 4%; online on a smartphone, 2%; through a personal shopper, 1%.

Shullman Research Center, 2014

A 2014 survey by the Luxury Institute found that just 22% of affluent Internet users have researched luxury products online, then bought in-store, while only 15% researched in-store and then bought online.

eMarketer, 2014

Research by the Luxury Institute found that only 17% of U.S. affluent Internet users (those with an income of $150,000 or more) had signed up or were somewhat/very likely to opt in to receive text messages from a luxury brand.

eMarketer, 2014

Research by MMGY Global found that affluent travelers took an average of five leisure trips in 2013, spending an average of $9,765 during that time. Affluent travelers expect to increase their vacation spending in 2014 to $10,585. 

Quirk's Marketing Research Review, 2014

What They Buy Source

A 2014 survey by the American Affluence Research Center asked affluent consumers (net worth of at least $800,000) what items they would be spending more on during the year: 1. Domestic vacation travel; 2. International vacation travel; 3. Home furniture/furnishings; 4. Home computer equipment; 5. Major home appliances; 6. Home entertainment equipment (TV, etc.); 7. Charitable contributions; 8. Entertainment (movies, concerts, etc.).

American Affluence Research Center, 2014

According to a survey of adults with household incomes of $250,000+, what categories of luxury products were the respondents expecting to purchase in the next 12 months: Luxury vacation, 32%; fine/premium wines, 26%; piece of fine jewelry costing $500 or more, 21%; premium beers or ales, 20%; buy or lease a luxury car, SUV or truck, 17%; premium cosmetics, 17%; luxury cruise, 15%; designer clothing or accessories, 15%; fine/premium liquors, 13%; premium fragrances, 9%; fine art or antiques, 6%; a fine watch costing $500 or more, 5%.

Shullman Research Center, 2014

According to a 2014 survey of affluent consumers (defined as those having a net worth of $800,000 or more), the most popular major purchases they planned to make in the next year: 1. Purchase/lease a new vehicle; 2. Have a major home remodeling; 3. Take a cruise; 4. Purchase an existing home as a primary residence; 5. Purchase an existing home as a vacation residence.

American Affluence Research Center, 2014

According to a report by Ipsos Media, affluent consumers account for the following percentages of spending in these retail categories: Jewelry/watches, 54%; travel, 52%; education expenses, 48%; leisure/entertainment/dining, 43%; charitable donations, 43%; home & garden, 41%; alcoholic beverages, 41%; apparel & accessories, 40%.

Ipsos, 2014

Based on a 2014 survey by the Luxury Institute, 38% of high-income consumers own two or more residential properties used as personal residences or vacation homes. The survey also showed that 34% of the wealthy respondents are considering the purchase of residential property in the next 12 months for personal use or as an investment.

Luxury Institute, 2014

According to a 2014 survey of consumers with a net worth of more than $1 million, activities they expect to do in the next year: Travel for pleasure, 85%; buy one or more luxuries, 55%; make a donation to a charity/non-profit, 41%; save/invest for their retirement, 30%; save for a "rainy day," 25%; engage a financial advisor, 22%; save for college-related expenses, 18%.

Shullman Research Center, 2014

According to a 2014 survey by Time and YouGov, which included responses from the top 10% of income earners in the U.S., only 28% said they had a favorite retailer today (compared to 47% five years ago), 61% identified a favorite fashion brand today (compared to 80% five years earlier), and 37% said they had a favorite luxury hotel (compared to 67% five years ago).

Time, 2014

Jewelry is the most widely-collected luxury item in the world among the wealthy, although in North America it ranks third behind art and watches, according to The Wealth Report 2014.

National Jeweler, 2014

A 2014 survey by the Shullman Research Center asked consumers with a net worth of $1 million or more to list their primary financial goals (multiple answers): To have enough income for retirement, 53%; to remain financially independent, 53%; to have enough money for emergency expenses, 45%; to have enough money for daily living expenses, 43%; to have fun -- a challenge, 41%; to keep up with inflation, 41%; to have personal control over their assets, 34%; to provide for their children's college expenses, 31%; to provide an estate for their spouse or children, 30%; to become financially independent, 28%; to avoid or minimize taxes, 28%.

Shullman Research Center, 2014

A 2014 survey of the wealthiest 10% of U.S. households found that 46% had taken a cruise of three nights or longer in the previous 10 years.

American Affluence Research Center, 2014

Sales of second homes acquired for part-time personal use jumped 30% in 2013, representing the largest gain since the National Association of Realtors began tracking second-home sales in 2003.

The Wall Street Journal, 2014

Where They Buy Source

Based on a survey of adults with household incomes of $250,000+, percent of this group who shopped the following retailers in the previous year: Amazon, 69%; Target, 55%; The Home Depot, 45%; Walmart, 42%; Macy's 41%; Lowe's 38%; Best Buy, 36%; eBay, 32%; Kohl's, 30%; JCPenney, 18%. 

Shullman Research Center, 2014

LMVH is the world market leader in luxury products. LVMH makes wines and spirits, perfumes, cosmetics, fashion and leather goods, and watches and jewelry. Its portfolio includes over 60 successful brands such as Moet & Chandon, Dom Perignon, TAG Heuer, Christian Dior, Givenchy, Louis Vuitton, Bulgari and Donna Karan. LVMH posted record revenues in 2013 of $40.1 billion (up 8.1% from 2012). The second largest luxury group is Richemont, with such brands as Cartier, Van Cleef & Arpels, Piaget and Alfred Dunhill. Its 2013 sales totaled $13.0 billion, 10.0% higher than the prior year.

Hoover's, 2014

A survey of consumers with household incomes of at least $250,000, conducted by the Luxury Institute, found that Bank of America had the largest share of high-income banking clients, followed by Chase. The same survey also revealed that Wells Fargo posted the highest score in the area of customer service and satisfaction. 

Luxury Institute, 2014

According to a study by MMGY Global, the most popular travel websites among affluent leisure travelers are (more than one answer possible): Specific airline-branded websites, 53%; Expedia, 46%; TripAdvisor, 46%; specific hotel-branded websites, 45%; Orbitz, 42%; Travelocity, 36%; Kayak, 33%; Priceline, 26%. 

Quirk's Marketing Research Review, 2014

A 2014 survey of affluent consumers (average income of $260,000+) asked the respondents which cruise lines they had sailed on during the past five years: Royal Caribbean, 30%; Carnival, 24%; Princess, 20%; Celebrity, 16%; Norwegian and Holland America, 5% each.

American Affluence Research Center, 2014

Business Trends Source

According to a 2014 survey of adults with a personal net worth of $1 million+, 28% of these consumers purchased luxury products/services in the last year, including 46% of Millennial millionaires, 22% of Gen X millionaires and 23% Baby Boomer millionaires.

Shullman Research Center, 2014

Based on a study of 21 media platforms, conducted by the Shullman Research Center, radio ranked fourth overall in reach and seventh in engagement (advertising that elicits "considerable" or "some" interest) among consumers with household incomes of $250,000+ who planned to buy luxury items in the next year, and fourth in reach and fourth in engagement among those consumers with household incomes of $500,000 or more.

Shullman Research Center, 2014

A 2014 study by Unity Marketing concluded that affluent shoppers make up just 20% of U.S. households, but account for more than 40% of total consumer spending.

Unity Marketing, 2014

Based on U.S. Census Bureau estimates, there are about 20 million adults with a personal net worth of at least $1 million.

U.S. Census Bureau, 2014

A 2014 study by the Shullman Research indicated that there are approximately 27 million adults with household incomes of $100,000 or more who bought one or more luxury products or services in the past year, compared with about 40 million adults, or about 60% of the total number of luxury buyers, who live in households with incomes of less than $100,000.

Shullman Research Center, 2014

The top 20% of U.S. households (annual income over $104,087) account for 51% of all income, and the top five 5% (income over $191,150) take in 22.3% of the nation's income, according to a 2014 report from the Congressional Research Service.

Unity Marketing, 2014

Research by Phoenix Marketing International concluded that the number of millionaire households in the U.S. (those with more than $1 million in investable assets) increased by approximately 53,000 in 2013. 

The Wall Street Journal, 2014

A study by the American Affluence Research Center determined that December 2013 holiday gift spending by affluent consumers reached approximately $30 billion, about 27% more than originally forecasted.

American Affluence Research Center, 2014

Misc Source

A report by the American Affluence Research Center revealed that 80% of millionaires are self-made.

American Affluence Research Center, 2014

According to a 2014 survey of affluent consumers ages 21+ with an average income of $250,000, 47% of the respondents said that a sales professional providing live chat or video assistance online during the shopping experience would help them better understand product details, and 58% appreciate the convenience of instant answers.

Luxury Institute, 2014