How The Rich Spend Their Money
The luxury market is exploding and there are presently more millionaires and billionaires than ever before. In 2014, the luxury market topped a $1 trillion dollars in sales. A friggen trillion. If you’re not getting in on the high end luxury market you’re really missing the boat. And yes, the affluent are buying more goods online than ever before and that rate is increasing. That’s great news for us!
If you’re targeting the luxury market segment you better know what they really spend their money on so you can pick the right niche products and services to sell to them. You also need to know what else to sell them through cross-sells, up-sells, and re-sells.
Here is how the rich are spending all that money:
chart by Statista)
The graphic excludes real estate since were looking only at the annual luxury goods marketplace. What’s interesting from an affiliate marketer’s viewpoint is that you make make affiliate sales in every one of the eight niches represented in the graphic. Here are some highlights:
- Luxury cars accounted for the biggest share with an incredible $438 billion. Growth in the luxury car market is a solid 10 percent higher than 2013. Sites like KBB, Edmunds and FindTheBestCarPrice are huge online resources and they are continuing to grow.
- Personal luxury items accounted for the 2nd biggest share at over $278 billion. If you’re wondering what’s including in this category its jewelry, clothing and accessories, perfume, watches, etc. When it comes to shopping online for these goods the affluent prefer a variety and assortment to choose from and in a multi-brand e-environment* This is in direct contrast to how they shop in the physical environment so take note.
- Hotels are up 9% from 2013 and the cruise market is up 5%.
- It’s probably no surprise that the food market is doing very well since the affluent like their gourmet food and dining out. The food category also includes fine wines.
The bottom line is that the luxury market continues to grow at a steady rate and online shoppers are increasingly comfortable making purchases online.
Question: Why do bank robbers target banks? Answer: because that’s where the money is.
That’s the same exact reason why you should be targeting affluent buyers in the luxury marketplace right now. They have far more money than the middle class to spend on the items you’re selling online. And those high-end items pay out higher commissions to you.
Until the middle and lower class stop getting squeezed (which is hopefully very soon) the luxury market will continue to thrive and is your best target.
Selling to the affluent takes some homework…
If you would like to start that work now
Click Here and start selling to the affluent.
This program is not cheap but you’ll need to spend some money to properly infiltrate this market and this program is worth every penny.