Consumption Habits and Brand Preferences of the Wealthiest Consumers

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Wealthy people have been the driving force behind the resilience of consumer spending over the last few years. Insulated from the inflationary impact on household budgets, there are just fewer tradeoffs to be made. The wealthy’s budget flexibility means they can still make big moves despite higher interest rates. They are more likely to report having purchased a new home (+9 percentage points) or new car (+31 percentage points) in the last year than the general population. It’s not just big ticket items though, they just spend more and shop more often in general. Morning Consult Audience data allows us to dig into the mindsets, behaviors and brand preferences of the wealthiest consumers.

While what “wealthy” means varies greatly based on where someone lives and how many dependents they have, among other things, for the purposes of this analysis we’ll use a minimum annual household income of $250,000, while acknowledging there’s certainly wiggle room.

For the wealthy, social media is a tool to stay ahead 

These ultra-high income individuals use social media a bit differently than the rest of us. First, they’re more likely to use LinkedIn, WhatsApp, and Yelp at much higher rates than the general population. LinkedIn of course makes sense given that level of income typically goes to white-collar workers, LinkedIn’s key audience.

The who and why of wealthy individuals’ social media usage is revealing: they’re more likely than the average respondent to follow fitness experts, journalists and news organizations, and brands online. There’s a clear bent toward using social media to stay informed and ahead of the curve. When asked why they use social media, wealthy respondents were more likely than average to say for networking and business reasons, exemplified in their outsized use of LinkedIn. 

Wealthy consumers’ standout favorite brands highlight luxury travel

The brands that stand out from the pack for wealthy consumers reflect the good life: plenty of high-end hotel chains are represented, along with some high-end beverages and retailers. Brands with the largest net favorability difference between those with an annual income of at least $250,000 and the general population also signal the importance of managing all that money, with Fidelity, Vanguard and American Express included on the list. 

Naturally, this group travels more often than most. They report higher rates of hotel stays and air travel, both for leisure and for business. They’re of course far more likely to have a first class experience (42% versus 17%). They also eat out and drink alcohol far more often than the general population: 71% drink alcoholic beverages at home and out at bars or restaurants. 

These brands also signal consumers’ values. They’re ensuring that their status is reflected with premium personal technology in the iPhone, luxury fashion with Hermès and even pursuit of educational advancement with Advanced Placement’s (yes, the high school tests that haunt our nightmares decades later) inclusion on the list.

Wealthy consumers aim to signal high social status to others

Champagne wishes and caviar dreams underlie the premium wealthy consumers put on their household expenses, both essential and inessential. When asked if they agree with the statement “I strive to achieve a high social status” 43% of those in this cohort agreed, versus 27% of the general population. Being the first to try a new tech product, and paying extra for ease, quality or comfort go hand in hand with this profile.  

Athletic and sports brands should take particular note here. This cohort plays sports or exercises more often than most, follow fitness influencers on social media and buy athletic apparel at higher rates than the general population. Their competitive nature means they’ll pay a premium for products that can give them an edge.