NEW YORK, NY--(Marketwired - October 20, 2015) - New research from the independent and objective New York-based Luxury Institute ranks industries and specific brands based on their success marketing to women with a minimum household income of $150,000 per year. In addition, results from Luxury Institute's prior survey in 2012 provide a framework to view trends in tastes and preferences of affluent women. Respondents reported average household income of $289,000, and a $2.9 million average net worth.
The top four industries most frequently viewed as doing a good job marketing to women from high-income households through advertising and social media are clothing (75%), shampoos and conditioners (74%), fragrances and cosmetics (72%), and shoes (72%). Compared to 2012, each of these categories enjoys a wider share of women who view their marketing efforts favorably.
Ranking fifth among industries, the jewelry and watch category has seen the biggest improvement over the past three years, with 62% of women saying these companies do a good job marketing to them, up from 53% in 2012. Department stores rank sixth with 60% of wealthy women applauding their marketing efforts.
Among industries that affluent women say are doing the poorest jobs of marketing to them are insurance, liquor, electronics, banks, brokerages, and private jets, each of which earns an approval rating of less than 5% and has fallen in approval since 2012. The automobile industry is also facing headwinds, with only 6% of women impressed by marketing efforts of car companies.
Demographically, affluent women 45-64 years of age are much more likely than women under the age of 45 to say that companies across industries are doing well marketing to them. The lone exception is in the wine category, where 25% of women 21-44 years old approve of marketing efforts, a propensity that decreases with age as only 21% age 45-54, 16% age 55-64, and 12% age 65 or older approve.
"Married women tell us that they make two-thirds of all household purchasing decisions. Women maintain huge economic power and it is a necessity for companies to step up marketing and how they connect with affluent women regardless of industry," says Luxury Institute CEO Milton Pedraza. "Research that includes speaking directly with these women about what appeals to them and what turns them off removes much of the guesswork in making marketing decisions."
For more information and additional insights from this survey and other research, visit www.LuxuryInstitute.com, or contact Luxury Institute CEO Milton Pedraza directly with questions (mpedraza@luxuryinstitute.com).
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Contact Information:
Katherine Sousa
ksousa@luxuryinstitute.com
