I read recently there are 250,000 millionaires in Los Angeles County, and projections are for about a 7-8 % increase of Luxury Cars as a percentage of the overall car sales because of what the report called “the reward years”. The reward years are when someone who has worked all their life rewards themselves for all that work. This means Baby Boomers. They have defined the American economy since birth, whatever they do is the center of economic development. This is a huge market and now they are going to reward themselves.
Rich people buy the things many people buy, but more of them, and more expensive versions. The really wealthy probably have staff to actually purchase. Rich people have greater expectations about quality and customer service, they are often used to being treated well.
If you are thinking about selling to rich people you still need to do niche research. Which area do you want to approach? Which area is most profitable? What business model do you plan to use? Get answers to your questions by employing a thoughtful niche discovery plan, go here.
, there are a couple free videos to help you more effectively discover a profitable niche, from a teacher turned marketer, Kevin Riley.
It would probably be accurate to say rich people buy what those of us who are not rich would buy if we were rich. Being rich can ruin a person but I don’t think it is a bad thing by itself. A lot of people misquote and say “money is the root of all evil” it says “the love of money is…” Making it too important, more than it deserves.
Back to the post idea it sort of begs the question what can I sell to rich people. Finding out what people want an need can be tricky. Love Money and Health are big important issues for most anybody so that can be a place to look for niche marketing ideas.
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{ 9 comments… read them below or add one }
I woudl think that rich people would buy specific luxury items like gold-plated Xbox faceplates, diamond-studded iPhones and of course, fractional ownership in Riviera condos.
Personally, I would indulge in a personal Martial Arts trainer and a to-die-for mobile computer setup. Oh, and perhaps I’d buy out Starbucks as well (can’t live without the coffee!).
Barbara
Barbara LIng’s last blog post..Insane Luxury Music – Party hard with this 5K Jukebox
Barbara
yea, coffee, my own private barista! now that is luxury.
The answer depends on the interests of the person .. so assuming I was one of these multi millionaires, it would have to be art.
Fabulous rare painting on the walls of my equally fabulous mansion … yes I can just imagine it now!
Thanks for inspiring my visualisation juices.
AnneMarie Callan’s last blog post..My Internet Marketing Mistakes Dumped Me Into A Debts Challenge
My girlfriends around me are buying Frank Muller watches, Prada handbags and vacationing in style a few times a year. I’m not so sure if they enjoy buying stuff online since they would very much to go to the shop physically.
Like Babara, I’d prefer a new laptop. I wouldn’t mind the many vacations though!
Evelyn Lim’s last blog post..17 Types Of Smiles To Wear: A Guide For All Occasions
I think those that are really rich take one of these on their picnics
Picnic Box
Intriguing post Warner. Which reporter are you referring to? I’ve looked for a source article that would have pulled this from and can’t find anything. This is a super old post, so who knows – maybe the recession beat the ‘reward years’ mentality right out of these folks.
@ James – I read the report in the LA Times one morning having coffee at the local Coffee Bean. The recession beat up nearly everybody yet there are still rich people and they still buy something.
why do ppl buy that much stuff any ways it dnt matter if ur rich and that dnt give u any right to look down on the poor ppl. Man u should put ur money to go use
Very good as always!!!!!
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