One of the leading trends in the affluent sector that impacts luxury real estate marketing is the change in how the affluent define luxury. The affluent are becoming “value masters”, the new badge of smart consumers. The annual Ipsos Mendelsohn Affluent Survey (by Ad Age) is a nationally representative behavioral study of more than 14,000 adults living in households with at least $100,000 in annual household income.
Value Matters
89% responded “When I decide to purchase a luxury item, I go out of my way to find the best price possible.”
60% responded “Even though the recession is 'officially' over, I am still spending money much more cautiously than I used to.”
Quality
78% responded "When it comes to quality, I believe you get what you pay for."
18% responded "I tend to buy based on price, not quality."
Online
68% responded "When I go shopping online, I usually know exactly what I want to buy."
64% responded "I regularly read online reviews of products before making an online purchase."
Offline
63% responded "When I go shopping in a retail store, I usually know exactly what I want to buy."
47% responded "I regularly read online reviews of products before making a purchase in a retail store."
In buying a luxury home whether as a primary or secondary residence, the new affluent buyer is researching the market place. With value as the objective rather than the old paradigm of “being able to afford anything I want”, the premium of perceived value (i.e., buying on the “right” street or the “right” neighborhood) does not have the same importance as it once did. They are also willing to wait for price reductions. Given the new shift in psycho graphics in the affluent marketplace, how will you adapt as a luxury real estate marketing professional?
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