Thursday, March 16, 2006
Feed The Rich
According to a report by The Luxury Institute (yes, there really is a Luxury Institute) the interweb is a daily part of wealthy American's lives.
In fact, online apparel and accessories sales jumped 41 percent in 2005, while sales of jewelry and watches surged 31 percent. On average, wealthy Americans use the internet seven days a week for an average of 3.2 hours per day; those under 50 and worth more than $5 million are heavier users. Some 51 percent of wealthy consumers tell the Luxury Institute that they use the web to research products and services, and 43 percent say they "occasionally" or "frequently" buy products and services online.
This bears repeating: Those under 50 and worth more than $5 million are heavier users.
I'm on here all the time and i definitely don't have 5 million at my disposal, so if you were wondering, there is no correlation between time spent on the internet and yearly income. Unfortunately.
What this does mean is that the rapid development of an online market for luxury goods will continue. I guess if you have the cash, you might as well spend it...
By Brent Brandow at 11:00 AM | Comments (0)