Recently we collaborated with the New York based Luxury Institute on the Wealth Survey: Real Estate and Lifestyles, a study which looked at the current beliefs, attitudes, and plans of high-net-worth Americans as related to real estate.
The results of study are available to members of the LuxuryBoard, and to Institute members, who can download an 80 page summary of findings on the Document Downloads page of our website.
The study covered many topics, but we thought we would give you a peek at some of the results...
Here's how affluent BUYERS responded to the question, "How would you rate the importance of the following resources in your search for your most recently purchased home? "
Obviously wealthy consumers rate “Internet property listings with photos” as the most important resource when searching for a home, followed by “friends or acquaintances.”
Although it is not show in this simple graph, the results cleary show that as income increases (within this already affluent group), a local brokerage company website becomes more important and local newspaper classifieds become less important.
Likewise, print advertising in the form of luxury home magazine ads, The Wall Street Journal and The New York Times is also deemed more important by those with higher income and/or net worth.
Is this consistent with your "marketing mix"? Do your marketing plans look like this? If not, you might want to think about doing some tests to align your marketing more closely with buyer expectations and see what results you get.
