Young Affluents Love to Go Social Shopping
Many young affluents are using a social networking niche — social shopping sites — at least according to a new report from Unity Marketing.
What are social shopping sites? They're sites like Woot.com, Gilt.com, HauteLook and Rue La La that offer "in-the-know-shoppers" deals on cool merchandise. Woot.com, for example, has one product for sale daily until it's sold out or the clock strikes 11:59 p.m. CST, when it's replaced by the next day's item.
Rue La La, on the other hand, is an invitation-only social shopping site, which means you have to be invited by an existing member to enjoy its benefits. Exclusivity adds to the interest factor in this site. It also features premium designer clothes and accessories in private-sale boutiques that are only open for a limited time.
The report, How the Affluent Luxury Consumer Uses the Internet and Social Media: An In-Depth Profile, found that one in three affluents surveyed have visited a social shopping site in the past three months. Social shopping sites are most popular among young affluent consumers under the age of 45. In fact, 43 percent of these young affluents use social shopping sites versus 33 percent of affluents as a whole, the report found. What's more, affluent consumers’ use of social shopping rose from only 3 percent in 2007 to a whopping 33 percent this year.
"Social shopping sites are going to continue to grow in popularity among the affluent market, especially among young affluents," said Pam Danzinger, president of Unity Marketing, in a press release about the report. "They offer young affluents shopping experiences they enjoy: quick action, limited access and value pricing. For luxury marketers targeting young affluents, these are the places to be."
For the study, 1,614 affluent consumers with incomes of $100,000 or more and who bought luxury goods or services in the fourth quarter were surveyed from Jan. 8 to Jan. 27. The average age of respondents was 45.9, and the average household income was $239,300.