Wealthy consumers consider advice from friends or family on spending decisions. However, many wealthy consumers are electing to Google for answers about purchasing high-end luxury products by using search engines to conduct research.
According to a Luxury Institute survey of Americans with annual incomes of at least $150,000 use the Internet as key factors driving buying decisions in seven categories of luxury goods and services.
Nearly two-thirds of the wealthy (64 percent) go directly to websites of known providers for information on luxury goods and services; slightly more than the 57 percent who say that they solicit input from friends and family. Survey households had average annual income of $287,000 and average net-worth of $2.9 million.
Search engines, in particular, rank just behind company websites and advice from friends and family as the best sources of information when researching luxury purchases. Ratings and review sites attract the eyeballs of 38 percent of wealthy consumers.