New Money and How to Grab It
Amanda McConnell, CEO of an 8-year-old website called luxurylifestyle.com, agrees. “Retailers should definitely go after this demographic online,” she said. “They spend more money online than offline.”
Retailers sometimes make the mistake of thinking young, tech-oriented millionaires are only interested in iPhones and computers, she said.
“They’re not. As they get older, these Internet entrepreneurs are getting their own homes and settling in a little bit. They’re starting to look for the best technology for their homes,” McConnell said. “Traditional retailers haven’t caught up with this new generation. They are not thinking about new money.”