WHY IS DIGITAL MARKETING TO HIGH-NET-WORTH-INDIVIDUALS SO NICHE?
There is often a misconception among luxury brands and marketers that digital marketing is incompatible with the luxury industry. People believe that UHNWIs do not engage in social media, do not make online purchases etc., or that if they do, it is only through super-exclusive social media sites or at private member’s clubs.
This is absolutely not the case.
Digital channels have never been more important to this sector, with PwC stating that 98% of HNWIs now access the internet daily, spending up to three hours of personal time online. This continuing shift to digital channels is a reflection of the changing demographics of this sector.
For example, notable growth in millennial HNWIs and UHNWIs, highlights the need to develop strategies that resonate with each target group, and shows that a ‘one size fits all’ approach is increasingly likely to deliver lacklustre performance.