If retailers think the rich are different because they avoid online shopping, a new study says those retailers are wrong.
Forrester Research surveyed more than 2000 wealthy households – those with $1 million or more of investable assets – and found that 56 percent say they're connected to the Internet and regularly go online (versus 43 percent of the households in the in the general population). Furthermore, these millionaires are researching and buying nearly every kind of product line (clothing, groceries, jewelry and airline tickets) online.
The report states that this consumer group – which has “deeper pockets” and an “affinity for e-commerce” -spent an average of $150 more online during the 1999 holiday season than other buyers. And while they spend more, they don't dismiss value. Fifty eight percent of this segment was found to be value-focused, while seeking quality merchandise. (The remaining 42 percent are convenience shoppers, who would pay more just to get their shopping done quicker.)