Affluent Survey And Market Research

An affluent survey is one that is carried on those classed as being affluent for the purpose of the survey. The purpose of such a survey, and the market research that follows it, is to determine how the rich spend their money on luxury consumer goods and services. This information can be used in a number of ways, although the prime purpose is generally for a business offering luxury items to determine its manufacturing and marketing strategy for the future.

Using an affluent survey in this way is particularly relevant at the moment due to the recent downturn in the economy. Although recovery is underway, historical sales and marketing figures cannot be used for forward planning due to these figures having been distorted by the events of the past few years. It will take more time before a stable situation has been reached globally, and the luxury goods and services market is a global one.

The Need for an Affluent Survey

Although there is a global financial recovery underway, many countries and communities are still facing a lack of real growth due to the lasting effects of poor management of their economies, and to the steps now being taken to rectify that. In spite of recovery, expenditure on luxury goods has dropped, and many, particularly the nouveaux riche, are finding that they have managed perfectly well without the luxuries they had believed essential to them.

It is necessary, therefore, that manufacturers and those marketing luxury goods carry out an affluent survey to determine what is in the minds of the wealthy, and to provide some indication of the marketing efforts needed over the next few months and years. Should plants that had been close be resurrected to meet a returning demand, or should that be delayed further?

Benefits of Professional Market Research

An affluent survey may provide this information, and while a survey of luxury goods might also help, it is important that businesses have clearer indication of what is in the minds of the wealthy rather than who is participating in the luxury market. Many people who purchased such goods in the past were unable to maintain their purchases, and had to sell them or had them repossessed by loan and chattel mortgage companies.

Luxury good providers are more interested in the genuinely affluent, and what is in their minds, and for that a professionally conducted affluent survey will be necessary. Profession market research companies, specializing in the wealthy and luxury surveys, utilize databases of true verified wealthy people prepared to offer such information. They have list of email addresses of affluent participants whose return is to receive better luxury goods made to meet the requests and comments they make during such affluent surveys.

Affluence is Quantifiable

Who is defined as being 'affluent'? It is generally accepted that the term 'luxury' is not definable in financial terms, because it is a concept applied to goods of varying prices - a luxury ice cream being somewhat differently priced to a luxury jet. So the term cannot be used in financial terms, and hence cannot be used to define marketing strategies and expenditure in general terms.

It is possible to use a luxury survey in its application to individual items or industries, such as the car industry (or the ice cream industry) but not comparatively across industries. For that, the term affluent survey must be applied, since affluence can be quantified. Some professional management and market research business apply the term 'wealthy' to the wealthiest 10% of United States households.

Then you can not only have a numerical figure for the people referred to, but also to the income bracket involved. This is sufficient information for businesses offering luxury goods and services to formulate marketing strategies based upon the response of representative samples of that top 10% to marketing surveys.

Historical Information is Unreliable

Not only that, but professional research companies disregard historical marketing information, and generally do not ask historical questions in their surveys. This is because of the market fluctuations since the sub-prime mortgage problems, and instead they focus on the intentions of the wealthy and how they intend to spend their money over the next few months and years.

By commissioning an affluent survey in this way, a company that has investment to make in their luxury goods market can slant the questions to give them an indication on possible future purchasing trends by the rich. There are professional market research companies available that can design questionnaires and surveys to provide their clients with this information that could be critical to the way they plan their development and marketing budget in the immediate future.