A recent report by The Shullman Luxury and Affluence Monthly Pulse suggests that affluent individuals planning to buy luxury items are not considering specific name brands.
This finding is completely in line with what Mascola Group has found in research we’ve done for clients, particularly in the Ultra High Net Worth (UHNW) category. The higher up an individual is on the income scale, the less likely they are to care about brand names. It’s one of many luxury consumer trends that gained steam after the recession and may stick around with us for quite some time.
This does not mean, however, that brands can’t gain loyal UHNW or other luxury consumers. In fact, it means that the field is wide open. Wealthy individuals want to consider all of their options when it comes to big money purchases. The brand that gives them exactly what they want can win the game.
Here are three quick tips on how to get — and retain — your piece of the pie: