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New Trends
Among the Wealthiest Americans
Presentation by Dr. James Taylor at
6th Annual Craig Lawn Conference, Laguna Beach, CA
Taylor conducted a study of the top
one-half percent of the wealthiest people in the U.S. The study,
which is sponsored by American Express, received a startling 84
percent response rate. Here are some of his findings:
The Dominance of The Internet
- The Internet is now the dominant media
for this group and has passed TV in terms of hours
spent
- When looking for real estate, the number
of houses they are looking at has gone down. However, the
exception is online research where time spent and
comparisons are going way up
- While real estate is one of the least
like products to be bought online, real estate is the most
researched
Amenities & Expectations Continue to
Change
- Golf has disappeared as an amenity cited
because it is expected
- The new leading amenity is beaches
- The number one attribute for vacation
homes is that it is a “haven”
- Security is now the No. 1 issue, falling
into three areas Healthcare, Copcare and Welfare
Other Survey Facts
- 6 million households account for the top
5% of all wealth in U.S.
- Fastest growing market within the
wealthiest group is Asian
- The age range within wealthiest segment
is dropping very fast
- Wealthy are in denial about “classes of
wealth” and see themselves as middle class
- 69% of money in U.S. has been made in
last 15 years
- These people grew up with TV and know
how, and how not, to be marketed to, so don’t insult them
- Great commercials tell a story. These
people are looking for a tale which includes them!
- This segment is the “gas that makes the
economy go.”
- 34% run the company which they founded
- 32% run others’ companies
- Don’t ask this segment, “What do you
want?” Ask them, “What do you dream about?”
- How can they tell if a place is safe?
The see kids playing outside, as well as police, firemen or
firehouses, etc.
- 66% of this market would like to connect
more with people – THEY ARE LONELY!
- This group does not know how to spend
money but they can not acknowledge that they don’t know which
would imply they are stupid.
- 53% believe they have been ripped off
- 83% try to hide their wealth
- 28% of all TV (not just wealthiest) is
filtered
- The sale can be enhanced by how easy it
is to find your product
- This group feels if they shop carefully,
they’ll be rewarde
- Kids matter. 39% say their kids have a
lot to say in their purchase
- Power celebrities have become
authenticators of the brand
- There is a logic-based and passion-based
shopping model:
1/3 of this wealthy group are
passion/impulse
- Logic
à aware
à aroused
à compare
à purchase
- Passion
à aware
à aroused
à shop
- Logic-based have found they can save
nearly 50 percent online
- Logic-based will force real estate
prices to go down
- Need to find a way to shift this focus
on price – can you use logic?
- If the super-rich negotiate $50,000 off
the price of a house, they don’t call it savings, they
call it earnings. That means they are competing with
you for your commissions.
>>
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