Luxury Consumers Often Misunderstood

Wealthy consumers are not just “consumption machines living in another reality,” but hard-working, potentially loyal consumers who often seek guidance for their purchases, according to a new report by The Luxury Institute. Among the facts the Institute found: The wealthy do not make or spend their money easily. “Most wealthy individuals spend far more hours working, embrace far more risk, and create far more value for society than their mainstream counterparts,” the institute said. “Even today, it still takes years of immense sacrifice to achieve wealth. Wealthy consumers are therefore very value conscious and discerning when they buy luxury goods and services.” Like many of us, wealthy consumers' biggest concerns include taking care of aging parents and raising children. “When marketing to them, acknowledge their basic human values and show you understand them as the
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