The wealthy are on the web

Ninety-eight percent of Americans with incomes of $150,000 or more buy products and services online, 55 percent do so regularly. Nearly all, 99 percent, research products online before they buy.

What is missing, says the report, is the consumer-centric environment found in boutiques and luxury hotels across the globe. Wealthy consumers want an easy-to-navigate site with stock comparable to the offline stores, a generous return policy and useful content. Pop-ups are a turn off, as are banner ads.

The study revealed that the wealthy don’t find paid search ads effective with just 30 percent utilising them, preferring instead (75 percent) to find company and product information through internet search.

"This survey documents that wealthy consumers have 'been there, done that' as far as Web 1.0 is concerned," said Milton Pedraza, CEO of the Luxury Institute. "Wealthy consumers are the most educated, highest achievers in history and will not be left behind by Web 2.0 with its interactive and collaborative characteristics."

Tags: consumer-concentric, high income earners, Web 2.0