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What prompts loyalty from affluents?
The affluent market is one most retailers want to tap into. A new study from Motista, focused on data from Q1 2012, may shed light on this subject. Of particular interest is that many affluents surveyed reports they liked retailers who helped to 'perform at a higher level'.
Affluent shoppers, for this study, were defined as those with household income over $100,000. Although this represents less than 20% of the US base it represents about half of all retail spending. According to the study:
• 62% of connected affluents will pay higher prices for comparable products
• 29% of connected affluents have used loyalty program points for a purchase 'recently'
• 83% of affluents 'feel good' when they share retailer/product information with friends/acquaintances
'Connected affluents' are defined as those with an emotional connection to their favorite brands; these connections are prompting more purchases from affluent members. Comparatively only 5% of 'satisfied affluents' have use loyalty program points for purchases and less than 10% of satisfied affluents share deals or other retailer information with their social circles.
"Based on our analyses, it's emotional connection that is driving affluent shoppers - who constitute 50% of all purchasing - to shop their retailers. We're excited to be working with leading retailers that are using Motista's intelligence to create stronger brands, better marketing programs and more engaging shopper experiences," writes Scott Magids, Co-Founder, Motista.
As for the emotional connections, helping the community and living life 'the way I want to live' are two of the top drivers of affluents' purchases through the first quarter. 'My retailer helps me perform at a higher level' also ranked in the top three.
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