The report finds that overall, high-net-worth individuals surveyed are not solely influenced by new media, but in fact respond to a combination of traditional advertising, such as magazines and television, as well as digital and social media advertising. Although 61% of high-net-worth individuals believe they are immune to the persuasion of advertising (including both digital and traditional mediums), the study outlines effective tools and channels to reach affluent audiences in varying demographics.
LPI commissioned YouGov to review the media consumption habits of homeowners, buyers, and sellers of properties over $1 million in various age groups including Baby Boomers, Gen X and Millennials to better understand how to reach and influence them. The research not only shows differences in which media each generation prefer, but also how much time they spend and specifically how luxury real estate buyers and sellers behave.
"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."
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.
To download the complete report, please visit luxuryportfolio.com/whitepaper.
About Luxury Portfolio International® (LPI)
LPI (luxuryportfolio.com) is the luxury marketing division of Leading Real Estate Companies of the World®, the largest global network of premier locally branded firms dominated by many of the world's most powerful, independent luxury brands. LPI attracts a global audience of visitors from over 200 countries/territories every month and marketed over 57,000 luxury homes last year. Well Connected.™