What is driving the most spendthrift wealthy consumers

The recently published Sunday Times Rich List revealed the astonishing net worth of Britain's wealthiest individuals. On paper these billionaires and millionaires sound like many a marketer’s dream target. But it is important to distinguish amongst the wealthy between worth and propensity to spend, with the latter category often of more interest to marketers.

Our Premier Clickstream TGI Consumer Data examines the behaviour and lifestyles of the more upmarket and wealthy consumers in Britain, with all respondents (adults aged 20+) either within the top, AB, social grades, or with a household income or savings and investments of £50,000+. Within this we have a ‘Consumer Expenditure Quintiles’ segmentation, which ranks these consumers into equal fifths by their propensity to spend money.

Over 3.5 million upmarket or wealthy consumers with the greatest propensity to spend

Taking those in the highest Consumer Expenditure Quintile group, who account for just over three and a half million adults in Britain and who are particularly likely to spend, we can delve into who they are and their spend habits in more detail in order to target and engage them more effectively.

The importance of being seen to have new things

Latest Premier Clickstream TGI consumer data reveals that when it comes to premium and luxury products and services these spend-oriented consumers are 71% more likely than other upmarket adults to agree that they are prepared to pay more for using VIP areas/premier seating.

They are also 54% more likely to agree that they have to be the first amongst their friends and family to have new things, 50% more likely to agree that it is important that their household is equipped with the latest technology and 35% more likely to agree that there are certain luxuries they cannot do without.

Far more likely to own luxury appliances and products

They are two-thirds more likely than the average adult to own more than one home in the UK and over two and a half times more likely to have at their home either a swimming pool, sauna or jacuzzi. They are also over three quarters more likely to intend to buy gold or platinum jewellery in the next 12 months and 48% more likely to intend to buy watches.

Acknowledge their high spending habits and will spend to improve mood

These spenders are particularly likely to acknowledge their high-spending ways. They are 47% more likely to agree that they tend to spend money without thinking and 25% more likely to agree that they are no good at saving money. Mood is a significant influencer on their spending compared to other upmarket adults – they are 27% more likely to agree that when they feel low they like to spend money to cheer themselves up.

Outdoor media and cinema can be particularly efficient mean to reach this target

When it comes to their media consumption they are 60% more likely to be amongst the fifth heaviest consumers of cinema (relative to other upmarket adults) and 47% more likely to be the fifth heaviest consumers of outdoor media. When it comes to outdoor advertising they are over twice as likely to have seen digital screen-based advertising on the outside of phone boxes ‘in the last week’ and similarly more likely to have seen digital screen-based advertising in out of town retail parks in the same time frame.

At the cinema they are over one and a half times more likely to cite war films as their favourite genre, but their favourite film type overall is crime/thrillers/mystery, preferred by 20% of this group.

 

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