MarketingVox just pointed me to a survey conducted by the Luxury Institute. Called the “WealthSurvey”, it uncovered that wealthy consumer membership in online social networks has reached 60% already this year.

This is interesting, but not as surprising to me as it was intended to be. I guess I would have thought that the wealthy - with their financial access to technology and desire to connect - would make them early adopters in social networks. But check this out: “consumer participation is up from 27% in 2007.”

That’s a pretty significant increase. This rise in participation among the wealthy set could represent a lot of opportunities for luxury marketers. The article suggests that luxury marketers should invest time and money in creating their own communities. However, I might suggest that existing communities - Facebook, MySpace, etc. - are equally if not more important, with communities like Facebook already leveraging the “influence” factor in their marketing programs.

In fact, the entire study appears to be based on existing communities: “Participation levels in leading social networks are: 16% for MySpace, 13% for LinkedIn, and 11% for Facebook. The wealthy average membership in 2.8 social networks, with an average of 110 connections.”

The article goes on to say “We are pleasantly surprised at the rapid acceleration in the over 55-year-old wealthy consumers whose participation increased five-fold, to 49%.” Now this is interesting and makes me wonder how much of this age group - wealthy or otherwise - is participating more heavily in social networks.

I’d like to get my hands on the full study, but perhaps this is only for the wealthy - hm, maybe somebody on A Small World can hook me up?

Here’s a quick snapshot of the study’s methodology:
I’m sure our Behavioral Research department would love this part (and be interested in knowing more details)

A national sample of 805 wealthy American consumers, with an average income of $287K and average net worth of $2.1 million, was surveyed online. Survey results are weighted to match demographic and net worth profiles of the same audience according to the latest Survey of Consumer Finances from The Federal Reserve.