But a new report says that the right channels can reach them
Real estate and mortgage professionals wanting to attract more high net worth clients may have to work a little harder to reach them.
Wealthy individuals surveyed for a report by Luxury Portfolio International shows that 61% respondents believe that they are immune to the persuasion of advertising.
The HNWIs polled by YouGov said that this immunity includes both traditional channels such as television, radio, and magazines; and digital channels including social media.
But the report found that these wealthy potential clients can be reached if the right channels are used.
“The marketing landscape continues to shift as a large cohort of younger buyers enter the market," said Stephanie Anton, president of Luxury Portfolio International. "Real estate agents need to consider not just the medium but also the message when they are building their marketing plans. People want more than just information, they want marketing that entertains, inspires and feels tailored to them."
Where to reach HNWIs
Among the report’s key findings:
- Millennials tend to be more likely to use subscription television services such as Netflix and Hulu while Baby Boomers still represent the greatest affluent population using cable television and consuming print media.
- Millennial luxury homeowners tend to prefer video advertisements and rank traditional television ads, banner ads, and video advertisements as the most effective.
- Among million-dollar homeowners, Generation X and Baby Boomers are more likely to spend time browsing social media and reading articles while Millennials are more interested in watching videos.
- While nearly half of Generation X and Baby Boomer homeowners find magazine ads effective, just 27% of millennials found these ads effective.
- Overall affluent consumers of all age groups are readers, be it magazines, newspapers or books.
Further findings are available at luxuryportfolio.com/whitepaper.