Marketing to Wealthy Women
But let’s pull out the highlights of this report, which surveyed women from households with $150,000 or more in annual income ($262,000 average income, $2.2 million average net worth):
First, The Luxury Institute defines the new ‘wealthy woman’:
She’s educated, employed and controls the lion’s share of spending in wealthy households. Nine times out of ten, she is married, or living with a life partner. Her responsibilities often include a high-paid job or running her own business while also caring for a child or a parent.
Which are the brands she picks out as particularly noteworthy?
Marriott, Hilton, Visa and Home Depot stand out for their skill in marketing to wealthy women. Each of these companies earned an unaided mention from seven per cent of respondents. American Express (five percent) and Remax (four per cent) each received frequent mention, as did Cadillac, Capital One, Lowe’s and Westin (each with three per cent).
So why is this important?
Married wealthy women, on average, make almost two-thirds (64% ) of a family’s purchase decisions; 73% report making a majority of the household spending decisions.
Almost one in four married wealthy women (22%) say that they make all of the investment decisions on their own; another two-thirds report making financial decisions jointly with a spouse or partner. Nearly half (48%) say that they call the shots on home improvement projects and related purchases.
Women hold particular sway at home when it comes to spending money on travel and home appliances. In 68% of wealthy households, the matriarch holds ultimate ‘veto’ authority on home appliance purchase and 61% of wealthy women make family vacation decisions.
What do you think?