Although just 14% of wealthy consumers (with a minimum gross annual income of $150,000) who own a smartphone say they regularly use their device to shop for products and services, overall two-thirds do so at least rarely, finds the Luxury Institute in March 2012 survey results. Among the one-third who never shop on their device, by far the leading reason for not doing so is a preference for the in-store shopping experience (61%), followed by privacy and security concerns (29%).
Most Wealthy Mobile Shoppers Make Purchases
Among those who are using their devices to shop for products and services, roughly 1 in 5 say they make purchases at least weekly, while an additional 27% do so monthly. Overall, 63% of those using their smartphones for product research or shopping say they have made purchases through their device.
Combining this finding with the proportion of smartphone owners who use their device to shop gives a result of 42% of wealthy smartphone owners overall who have made a purchase on their device. By comparison, results from a Google survey released in February 2012 suggest that roughly one-third of US smartphone internet users (smartphone users who use the internet in general) have made a purchase on their device.
Wealthy Splurge on Mobile Purchases
Meanwhile, data from the Luxury Institute’s “WealthSurvey” indicates that wealthy smartphone owners who make purchases through their device are not holding back. Looking at their spending via mobile in the past 12 months, just 23% said they had spent less than $100, while 44% had spent upwards of $500, including one-quarter who had spent more than $1000 on their device. Roughly one-third said they spent between $100 and $499.
Event Tickets Top Purchase
The most common type of product purchased through a mobile device by these wealthy smartphone owners was event tickets (39%), followed by gift cards (29%), food (27%), and technology/personal electronics (27%). Leisure travel and hospitality, fashion/apparel, shoes, and personal finance all attracted roughly 1 in 5 wealthy smartphone shoppers.
About the Data: The Luxury Institute data is based on a survey of 603 wealthy consumers in the US conducted during Q1 2012. Respondents were recruited and screened to only include those aged 21 or older, with a minimum gross annual income of $150,000. The median age of respondents was 52, and their media net worth was $1.4 million. The respondents were evenly split by gender.