Social media’s influence on the Affluent

Recently I was a guest speaker at a Preferred Hotel Group conference, and a question on the minds of many was, “Do the affluent use social media?”

It’s a hot topic for many luxury hotels, since not too long ago, I made a presentation to a five star hotel, which said that their guests don’t widely use social media, but rather, read glossy lifestyle and travel magazines. To be sure, traditional media does have an important place in the buying patterns of affluent consumers. That being said, don’t discount the impact of social media with affluents, even with older affluents. In a recent survey by the Luxury Institute of 400 affluents with an annual yearly median income of over $400,000, 72% said they use social media, in particular, Linkedin, Facebook and Twitter. Other important research from Forrester, 60% of Baby Boomers are social media users, an increase of 20% in just one year.

Karen Weiner Escalera