Wealthy Individuals More Likely To Use Social Media Than Most Americans
October 26, 2010 by Traci McMurray
In a Quick Poll study released last week, SEI found that 70% of high-net-worth individuals are users of social media websites -- a bigger number compared to the percentage of users in the general populace.
A report from the Pew Research Center in August 2010 reported that 61% of Americans ages 18 and older have used a social networking site.
The study demonstrates that social media is not only the easiest way to engage a massive amount of people, but more importantly, it's a very cost-conscious way to reach out to those with a higher disposable income.
How does this research come into play for marketing luxury products? One great example is Beverly Hills Porsche, the number one new car sales leader in Los Angeles. The dealership is now increasing online advertising and reaching these high-net-worth individuals through innovative digital strategy and social media advertising. Engaging with customers is a key component of BHP's offering. Developing personal, direct communications is what allows BHP to provide best-of-breed service to their customers, and social media facilitates that.
SEI surveyed 46 people who have more than $5 million in investible assets. Of those that currently use social media, 50% said they use Facebook, 37% said they visit YouTube and just under 35% use LinkedIn.
Read the SEI press release for more information on the social media statistics.
Photo by Michelle Meiklejohn and FreeDigitalPhotos.net.
