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Shopping Habits of Wealthy Consumers: Where do they shop? What do They Buy?

Three shopping carts with large letters BUY to show the Shopping Habits of Wealthy Consumers
You might be surprised by the shopping habits of wealthy consumers. According to MediaPost, the one source for advertising and marketing professionals looking for the most comprehensive industry coverage, millionaires love Costco, Home Depot and Lowe’s.

Two polls about the shopping habits of affluent shoppers were cited in the story. The first was conducted by Mintel, a global and award-winning provider of Market Research, which found that even high-income consumers love the private-label goods at Costco, with 38% saying they believe them to be comparable to name-brand items. The poll also found that the rich like to shop in person, with 63% of Americans venturing in to a warehouse club in the last six months, compared with just 25% shopping online.

“Shoppers in this group may be more likely to shop across a wider variety of retail stores, and therefore more aware of the price differential among retailers,” says Ali Lipson, category manager – retail, apparel, technology and automotive at Mintel. “Additionally, part of the appeal of warehouse club shopping is the ‘treasure hunt’ aspect, or discovering unique items throughout the store. Currently, the warehouse clubs’ online model is unable to replicate this experience.”

A second survey, from the investment site Millionaire Corner, reports that among those with a net worth of $5 million or more (not including their primary home) Home Depot is the favorite store. The world’s largest home improvement specialty retailer was regularly visited by 57% of affluent shoppers, followed by Costco (46%), Lowe’s (44%) and Target (41%).

Only 2% of the survey (based on 1,200 investors with net-worth ranging from less than $100,000 to more than $5 million) ever go to Lord & Taylor, for example. And only 8% of the highest-net-worth shoppers go to Neiman Marcus.

I found this information about shopping habits of affluent consumers interesting but not so surprising. Even the wealthy appreciate value, and that’s one reason my clients invest in Santa Barbara real estate. If you are considering buying or selling a home in Santa Barbara, Hope Ranch, Montecito or any of the other surrounding upscale communities, please give me a call at 805.886.9378 or email me at Cristal@montecito-estate.com.

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