I came across this press release and found it interesting for a few different reasons:

• Knowing your affluent buyer is the KEY to successfully selling to them
• The affluent are risk takers and don’t pull back in a recession
• Understanding buying motivations helps you sell
• Even though this study was for financial advisors, you can use this information to help you sell

PHILADELPHIA, April 10 /PRNewswire-FirstCall/ — An overwhelming number of affluent Americans earned their wealth and are more likely to feel secure during challenging economic times compared to peers who inherited their money, according to findings by PNC Wealth Management, a member of The PNC Financial Services Group, Inc. .

PNC’s fourth annual Wealth and Values Survey revealed that 69 percent of Americans with $500,000 or more in investable assets accumulated most of their fortune by earning it through work, business ownership or investments. This compares to the 6 percent who attained their wealth primarily through inheritance. The remaining 25 percent gained their wealth through a combination of inheritance and earnings.

Earned Wealth — Why Worry?

The “earners” are more likely to be concerned about the likelihood of a recession, yet are more confident they can manage through a downturn, PNC found. When asked about a recession, 36 percent of earners said it was a concern, yet 77 percent agreed with the statement “I feel I have a lot of control over my financial future.”

Meanwhile, 27 percent of heirs expressed concern about a recession. Yet, 10 percent fewer — 67 percent — expressed confidence about control of their finances in the future.The earners also have a higher risk tolerance than heirs. Thirty-nine percent of earners rate themselves as moderate to risky investors compared with 21 percent of heirs.”Among the earned wealthy there is a strong correlation between their willingness to take risks and confidence that they can recover from a major negative financial event,” said Thomas P. Melcher, executive vice president and managing director of Hawthorn, PNC Wealth Management’s ultra high net worth division. “Those who inherited their wealth often view themselves as stewards for future generations. As a result, they tend to be more conservative in their approach to investing.

“By understanding the psychology of wealth, wealth managers are better able to deliver holistic advice, the success of which is measured both through investment returns and appreciation for the lifestyle that wealth allows,” he added.

NOW–how can you use this information to help you market and sell to the affluent?

Here are some interesting statistics I ran across on the spending patterns of the mass affluent vs the super-affluent.

• The super affluent spent $22, 300 on wines and spirits in ‘06, while the mass affluent spent $1,900.
• The super affluent spent $61,200 on hotels and resorts while the mass affluent spent $2,400.
  

These are startling numbers for a few reasons.

One of them is marketing.

Are you targeting the right group with your marketing? If you’re targeting the mass affluent, you might consider going up a notch.

Especially in challenging economic times.

I think many companies assume the mass affluent to spend much more than they actually do–which is why I found this research so interesting.

Think of a Rolex watch. It’s ‘yesterday’s’ symbol of wealth. If you had a Rolex ten years ago, you now have an IWC Portugueuse Perpetual. For a mere $30,000.

This is true also in fractional ownership. If your target group is the mass affluent, you may be out of luck this year. The mass affluent have pulled their heads into their shell and are not spending.

Guess who still has the money to spend on luxury goods and services?

The super affluent.

Something to think about as you look at your 2008 marketing plan.