Sustainability, ethics and physical retail top priorities for wealthy shoppers

waelthy-shoppers-Image by Pexels from Pixabay

Whilst holidays, fashion and luxury goods remain key purchasing priorities for wealthy consumers, an overarching interest in sustainable and ethical brands and a love of physical retail define their consumption choices, according to new research from Times Media at NewsUK.

Times Media surveyed more than 650 High Net Worth consumers to identify the key traits that defined their purchasing choices.

Wealthy consumers survey

Whilst travel (70%), sport (48%) and gastronomy (46%) were amongst the diverse passions listed by respondents, they were united by their interest in sustainability, with 70% agreeing that they were willing to pay a premium for a brand that is committed to ethical or sustainable practices.

Meanwhile, physical retail was another issue upon which the majority of respondents could agree, with 67% stating that they love the experience of buying luxury goods in store and 46% always choosing to buy luxury goods in a physical retail environment.

The research also identified the importance of news brands in influencing HNW brand purchasing choices, with travel (67%), cars (65%) and luxury fashion (59%) in particular proving to be key markets where news brands influence buying habits.

The Times and The Sunday Times dominated readership amongst respondents, with 81% of those surveyed reading these brands and giving them an 80% trust score.

Victoria Trimmer, Client Director – Luxury and Fashion at Times Media, said: “We commissioned this research as this is an audience that is hard to reach and sometimes harder to understand.

“The HNW consumer isn’t just a walking wallet, they are sophisticated and knowledgeable with a plethora of interests and passions.

“What connects them is an intelligent and considered approach to their consumption, whether that be consumer goods or choice of media.

“When it comes to brand choice, it is encouraging to see the extent to which sustainability is now a key decision driver for this audience.

“The enduring appeal of physical retail for HNW audiences is another interesting finding, and highlights the importance of brand building, which news brands such as The Times are very effective at doing.”

Kate Reardon, Editor in Chief of Times Luxury, said: “Sustainability and ethical practices are now unequivocally non-negotiable.

“And the ongoing pleasure taken in physical retail is about the value of experience for this cohort – the enjoyment of luxury is often as much in the experience as the product.”