New Money and How to Grab It
“Everyone has a lot more sex and a lot less money than you think” is one of the most entertainingly debatable axioms in the English language. Whether you agree or disagree, the saying reveals a frustrating truth for many retailers: it’s not always easy to identify the truly wealthy in a particular market.
But they’re out there.
The Federal Reserve Board reports that 9.1 million United States households (about 16.5 million people) currently qualify as millionaires. That’s about eight percent of the U.S. population, no small figure. It means even more when you consider that these same high net worth consumers control almost two thirds of the nation’s wealth. It’s a gold mine of a target market, but retailers nationwide will tell you it takes research, cultivation and a high level of service to find the uber-affluent and keep them happy.
For Gary and Jacquie Kukuk, owners of WOW Electronics in Yuma, Ariz., it’s their 34 years of experience in the small community that has helped them discern which customers are the most able and likely to make the big investments in home theater electronics.