Archive for December, 2014

Luxury Holiday Shopping on the Rise

Monday, December 8th, 2014

Last week, I read a study predicting that affluent shoppers still feared slow economic recovery and didn’t plan to spend as much as in previous years, which would be bad news for luxury retailers.  So I decided to see for myself. With my sample size of one, I went to an upscale mall to people watch and I have to disagree.  My study and a report from Mediapost, say the numbers look more promising than ever.

 

With desktops and smart phones connecting affluent shoppers 24/7 to their favorite retailers, shopping is no longer confined to traditional brick-and-mortar store hours. “Convenience is incredibly important, particularly to the upscale shopper,” said Bob Shullman, Founder/CEO of the Shullman Research Center, New York. In fact, in he cites, seventy-five percent of consumers with a household income of more than $500,000 plan to shop through an online-only retailer this holiday season.

And it isn’t over on Black Friday…or even Cyber Monday. Holiday shopping momentum often carries through January, partly through gift-card redemption and after holiday sales.

Regardless of where or how the affluent shop this holiday season, the type of gifts they give are changing from the usual jewelry, technology, food and wine to the developing trend of making charitable donations. I have also read reports that affluent families are feeling more confident about the recovery and their financial stability and will opt for the gift of travel for their families.

What does it all mean for marketers? Just as shoppers start early and finish down to the wire, there is still time to engage affluent shoppers, particularly with email and digital communications.  

Tweet us @WealthWindow and let us know if you are seeing the same trends this holiday season.

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