The latest Shullman Luxury, Affluence and Wealth Pulse answers a frequent question and addresses a common challenge amongst luxury marketers—Which advertising channels are the Top 10% most likely to engage with?

Millionaires (those adults with $1 million net worth or more--who represent about 10% of all adults or about 20 million adults) have different buying behaviors, product preferences, and media habits when compared to the average adult.

Our ongoing survey addresses this critical marketing issue in a question that asks consumers to indicate if they had seen any ads in 34 potential channels during the past 30 days. Listed below are the top ten channels, starting with the greatest reach among millionaires:

  • Television
  • Websites
  • In mail sent to the home
  • Magazines: printed
  • Newspapers: printed
  • In emails
  • Radio
  • Facebook
  • Inside stores
  • Billboards

Notably seven of the top 10 channels where millionaires engage with ads are considered traditional advertising. Television is still on top. Only three of the channels (websites, emails and Facebook) are digital.

Millionaires are indeed different regarding where they are more likely to see ads compared to the average adult.  Millionaires are more likely to see ads in newspapers (both in print and in the digital format--- which was not ranked among the top 10 formats earlier) as well as on websites. Among the top 10 channels, millionaires are less likely than the average adult to engage with ads in two of the three digital formats---Facebook and emails.

The fact that this affluent audience trends lower with digital channels raises a critical issue.  The conclusion here should not be that these channels require less focus – in fact quite the opposite.  Luxury marketers have to work harder in these channels to get the responses they need from their affluent prospects. Simply said, marketers are not doing a sufficient job at personalizing their messaging and content to capture attention and provoke response. By simply knowing more about their target audience, marketers can drive stronger response...and most importantly, ROI.  And as these channels become more important for this audience, marketers will have to be ready with the personalized outreach that the luxury buyer expects at every stage of the cycle.

So, what now? Luxury marketers will need to change their course, integrate data strategies, and figure out a tipping point for the Top 10%.

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