Martini Media Study: Affluent Spend More, Despite Larger Consumer Sentiment [infographic]
A CNN/ORC International survey released today indicates thirty-five percent of those questioned consider today's economic conditions "very" or "somewhat" good. This marks a steady rise in CNN polling on the percentage who say things are good right now, from 26% in December to 31% in March, 33% in May and 35% now.
Consumer sentiments have a the ability to gauge economic growth. The consumer who regards the state of the economy as "bad," is reluctant to spend. But even in such a slowing economy, the luxury goods market can behave differently.
According to global media and advertising company, Martini Media, an Affluent Online Shopper Index™ research study powered by comScore, shopping activity across the wealthiest segments remains comparably strong. Martini Media has partnered with comScore to keep steady track of affluent shopping behaviors. The company's baseline study conducted last holiday season confirmed assumptions that affluent shoppers outspend other segments of consumers during an important time for all retailers.
In examining the overall shopping patterns of all online shoppers during Q1 2013, the study reveals affluent consumers are both shopping and outpacing the shopping activity of non-affluent shoppers. Affluent consumers were seven percent more likely to visit luxury retail sites and made 16 percent more visits per visitor than those earning under $100k.
So the affluent are still spending. We can assume that, as I see a new Tesla drive off the lot. But the gap between affluent and non-affluent spending is what's particularly interesting. According to the study, it's grown since the December holiday period, when affluent consumers were just 31 percent more likely to buy and spent only 15 percent more than their non-affluent counterparts.
The gap is even greater on luxury retail sites, where three out of four affluent consumers are more likely to make a purchase at an average of $184 per purchase on these sites. "The affluent audience can consistently be found online for both work and play," said Skip Brand, CEO of Martini Media. "This study demonstrates how steady the digital affluent footprint is throughout the year, whereas other segments' spending wanes after the holiday period"