Contact Information: For Further Information, Please Contact: Evins Communications, Ltd. Dotty J. Giordano Director E-mail: dotty.giordano@evins.com Phone: (212) 688-8200 Evins Communications, Ltd. Enid Lewin Vice President E-mail: enid.lewin@evins.com Phone: (212) 688-8200 The Luxury Institute, LLC Martin Swanson Business Development Phone: (914) 909-6350 E-mail: mswanson@luxuryinstitute.com
Young, Wealthy & Going Wireless: Youngest and Wealthiest Americans Take Full Advantage of 3G Smart Phone Features, Especially Mapping, Social Networking, and Sharing and Watching Video
| Source: Luxury Institute
NEW YORK, NY--(Marketwire - February 26, 2009) - Even in a downturn, the wealthy are eagerly
adopting the latest in mobile device functionality on smart phones like the
BlackBerry and iPhone, according to the Luxury Institute's
(www.LuxuryInstitute.com) just released WealthSurvey: The Wealthy & Mobile
Devices -- Evolving Uses.
"Luxury advertisers and marketers should be aware that 3G devices are
quickly gaining traction as ways to reach high net-worth individuals,
especially the youngest and the wealthiest. Mobile devices will be an
important component of the luxury experience," says Milton Pedraza,
CEO of the Luxury Institute, which surveyed wealthy consumers from
households with average income of $332,000 and average net-worth of $3.3
million on their use of mobile devices.
Checking weather forecasts (68 percent), getting driving directions and
finding nearby businesses (both 58 percent) are the top three Internet
activities of wealthy individuals on their mobile devices. Also popular
are getting financial market updates (46 percent), finding movie show times
and sports scores (45 percent), and receiving traffic updates (42 percent).
Higher levels of wealth and income tend to suggest a greater embrace for
all of the functionality afforded on today's smart phones. Individuals
worth at least $5 million are twice as likely as those below this threshold
to play games and watch or listen to downloaded content. Sixty percent of
those 44 and younger send and receive picture messages, compared to just 31
percent of those 55 and older; 48 percent surf the Web on their smart
phones and mobile devices compared to 26 percent of those 55 and up.
Eighteen percent of the wealthy have used professional networking site
LinkedIn on their mobile devices, making it the most utilized networking
application for mobile devices. Instant messaging broadcaster Twitter on
the mobile scores a pang of recognition from 23 percent of wealthy users.
Among wealthy mobile device users who are members of at least one social
networking community, Facebook and MySpace are also the two most popular
mobile sites, with two-thirds of wealthy social networkers saying that
they've accessed both sites from their mobiles -- and 39 percent say that
they access these sites at least once a day.
"Just as the Internet upended the retail world as a whole in the late
1990s, today it is mobile devices that are proving to be a powerful and
evolving medium that enhances connectivity and promotes commerce," says
Pedraza.
View the full 43-page study titled Luxury Institute's WealthSurvey: The Wealthy & Mobile Devices -- Evolving Uses for
complete results and demographic breakdowns. To purchase individually,
visit the Market Research section of the Luxury Institute's ONLINE STORE at
www.LuxuryInstitute.com.
Members of the LuxuryBoard.com website have FREE access to the data via the
Resource Center. Join www.LuxuryBoard.com today for access
to over 70 newsletters and research studies focused on affluent consumers
and the luxury industry.
About the Luxury Institute (www.LuxuryInstitute.com)
The Luxury Institute is the uniquely independent and impartial ratings and
research institution that is the trusted and respected voice of the high
net-worth consumer. The Institute provides a portfolio of proprietary
publications and research and consulting services that guides and educates
high net-worth individuals and the companies that cater to them on leading
edge trends, high net-worth consumer rankings and ratings of luxury brands,
and best practices. The Luxury Institute also operates the Luxury Board
(www.LuxuryBoard.com), the world's first global, membership-based online
community for luxury goods and services executives, professionals and
entrepreneurs.