November, 2013 – This article from the HotelMarketing.com discusses how the wealthy interact with the hotel industry. (http://hotelmarketing.com/index.php/content/article/most_affluent_travelers_arent_brand_conscious)
New research from the American Affluence Research Center sheds light on how the wealthy interact with the hotel industry – surprisingly few [of the top 10%] have experience with or are familiar with many luxury hotel companies such as Ritz-Carlton and Four Seasons.
Luxury brands fail to gain traction with a huge swath of affluent consumers because they overlook a key fact: Most of the top 10% of the wealthy are self-made millionaires with little in common with the rich and famous seen on TV.
Significant percentages of affluent consumers are either ignorant of or scornful of luxury brands – including hotel brands, according to new research from Ron Kurtz. As head of the American Affluence Research Center, Kurtz studies the attitudes and behavior of the wealthy
To capitalize on the opportunity, brands need to educate their clients, including the rich who are living quietly next door, about the value of luxury brands and convince them to travel in the style they can afford, he said.