What & Why The Wealthy Buy: Tapping Into Elite Brand Psychology
Updated: 4 days ago
As a marketing consultant for luxury brands, I have spent the better part of four decades coaching entrepreneurs and larger luxury brands in tapping into the psychology of how, what and why the wealthy buy. Over the past thirty-six years I’ve worked with clients across a few dozen industry niches that market to the affluent and ultra-wealthy. I’ve seen what works and what doesn’t when it comes to building relationships with wealthy clientele.
Much of the psychology of the affluent and ultra-wealthy has to do with identity, self-image and legacy. They buy things to reinforce their sense of self, to align with their status and level of success, to signal wealth to their peers, to reinforce their hero’s journey (the story of how they “made it”), to protect what they have and to build a lasting legacy.
Don’t Be Afraid to Communicate Who You Are Not For
In working with JP Morgan Wealth Management, they focused on exclusionary marketing and brand alignment strategies to drive client engagement and loyalty. JP Morgan clearly communicates that the minimum assets under management they will accept is $10 Million, setting their sights on a limited pool of clientele and turning away affluent clients who don’t make the cut. Their printed materials feature a minimalist design that offers no flashy sales pitch, instead communicating an understated message that doesn’t push for clients. Their advertising strategy focuses on co-branded alignment and strategic partnerships with high-end law firms, luxury events, and exclusive real estate firms in their prospecting for new business.
Rolls Royce never uses aggressive sales tactics. When you enter their showroom you feel you are in an environment of exclusivity. They prefer holding luxury invitation-only events to traditional advertising. They will align themselves with yacht shows, five star hotels, and exclusive member-only clubs. They hold viewings at high-end events where there will be a brand consultant on hand to field eager questions. They are selling through word-of-mouth and closed-circuit event-based networking.
Create an Elite Members-Only VIP Community
Another longtime client of mine, Gulfstream, aims to distinguish itself in an increasingly competitive private aviation market by positioning themselves as the Ferrari of private jets. They put great resources and messaging into communicating that Gulfstream ownership is not just a private jet purchase, but a membership into a rarefied, elite community of other owners and enthusiasts. The company onboarded a Private Relationship Manager whose job is building closeknit relationships with prospective and current clients. Treating their brand as an elite members-only club, they focus their promotion on one-on-one prospecting, private VIP events, direct phone access to company leadership for jet owners, and a step-by-step curated purchasing experience. They take a great deal of time with each client, walking them through the private jet buying experience, private educational meetings, and lifestyle-based interior design planning for each jet. This multi-tiered experience creates an elite community and client loyalty.
Advertising is limited to a few aviation trade publications for people in the know, and personalized experiences that give their clients great stories to share with others, creating a pipeline of pre-qualified, word-of-mouth referrals. The company purposefully sells their jets in two stages. Stage one deals with efficiency, mechanics, and purchasing the “green jet,” meaning the interior had not been built yet. Stage two, the fun part, focuses on building the jet’s custom interior to fit the client’s unique personality, lifestyle and taste.
A CEO buys a private jet, not just for convenience, but as an affirmation of their identity as someone who values efficiency, exclusivity, privilege, and as someone who can afford it.
Learn the Language of Wealth Signaling
Wealth signaling is a cornerstone of what and why the wealthy buy. Wealthy people are drawn to things that provide social proof of their status; items that are in limited edition, personalized bespoke services and products, items that appear overpriced to the masses, and things that are shrouded in mystery and require jumping through multiple hoops.
The American Express Black Card, also known as the Centurion Card, enables people in these circles to wealth signal to each other. You can’t apply for the card. It is given by invitation only, and Amex does not share the precise criteria for getting one. Their annual membership fee is exorbitant, and only high net worth individuals are considered. They are impressed by high annual spends, but there are Amex customers who swipe into the six figures annually and still haven’t received a Centurion Card invitation. Wealthy people are drawn to the Amex Black Card like moths to a flame. It’s a status symbol among the wealthy, and they love to wealth signal. It’s a social game they enjoy playing with one another.
Consider how American Express Black Card holders receive exclusive invitations to experiences that are out of reach for the general public.
Another example are luxury concierge companies like Quintessentially, who offer their elite members rare access to sold-out events, private bookings at Michelin-starred restaurants, and even personalized legacy-building services like securing an obscure investment piece.
Create FOMO (Fear of Missing Out)
FOMO, or the fear of missing out, is very much alive and well among the wealthy. They don’t want to miss out on exclusive opportunities, limited-edition items, and other hard-to-get experiences. I have seen this dynamic play out quite a bit with high-end real estate projects. The latest, greatest, most luxurious high rise condominium being erected in the trendiest city drives the wealthy wild with the need to be included and, many times, first. It’s why luxury high rise developers tend to build multiple penthouses. It’s to fill that demand of people wanting to say they nabbed a penthouse in the newest and best luxury high-rise being built in that city where everyone wants to be.
Good brands tell good stories, and good stories draw others in and make them want to be included. What spreads word of mouth with the wealthy is not so much a good company, but a good story. If you can create a compelling story around why you are someone people should pay attention to, you are golden.
Brands that cater to the wealthy understand the value of a good story in getting people to fear missing out. They know that in affluent circles, people tend to wealth signal through sharing the story behind their special purchase, and these brands depend on those stories to inspire the people who hear them to want that item or experience for themselves. A story could be told at a cocktail party or country club dinner, during a tour of someone’s home or through an Instagram post. It could be told through words, show and tell or pictures and video.
Embrace the Scarcity Marketing Principle
In consulting with brand managers at luxury companies, scarcity marketing has been an ongoing theme. Rolex, for example, does embrace some traditional advertising avenues through placement in luxury publications and visibly branded sponsorships at golf tournaments and Formula 1 racing events. However, the hallmark of their branding is scarcity. They promote specific models, while limiting their supply. For example, the Rolex Daytona and Rolex Submariner have had years-long waiting lists do to purposefully publicizing and then limiting the number of those watches that are made. This scarcity has created anticipation and high demand, while also driving the secondary market for their watches, which in turn makes them a great investment.
Chanel employs a scarcity model with their signature handbags. They set the criteria for purchases, not the customer. You have to show up in person to make a purchase, and they purposefully have a limited number of each handbag, creating competition among consumers. I experienced this firsthand when I called our local Chanel boutique to inquire about a certain handbag for my wife. I was told they do not sell their bags over the phone and all customers must come into their store, in person. I was then informed there was one handbag left that met the description my wife wanted and a prominent surgeon wanted the same bag. One bag, two women vying for it. In the next breath, the sales associate let me know this surgeon had planned to come by the store to take a look at the bag after she was done with surgery, and whoever arrived first would claim the bag. I jumped in my car right away and beat out the surgeon to buy this Chanel handbag that was, no doubt, purposefully in short supply.
Help Them Build Their Legacy
A psychology of legacy is very compelling to wealthy consumers. They don’t just buy for the present. They buy with an eye on the future, ensuring their wealth, taste, and influence endure across generations. This is why they are drawn to investments that appreciate in value and hold cultural or historical significance.
Legacy purchases can include rare pieces of artwork, valuable real estate, classic cars, and fine jewelry—items that not only serve as status symbols, but carry intrinsic or appreciating value.
The wealthy often invest in works from blue chip artists like Warhol, Basquiat, or Picasso; not only because they enjoy the art, but because these works have historically outperformed traditional investment markets. A collector might purchase a $2 million painting today with the expectation that it will be worth $5 million in a decade.
High-net-worth individuals frequently buy trophy properties in prime locations, such as Manhattan penthouses, waterfront estates in the Hamptons, or historic villas in Europe. These homes are often passed down, reinforcing family wealth and prestige.
The rare car market is another example of legacy-driven purchasing. A 1962 Ferrari 250 GTO, which once sold for $18,000, is now worth over $50 million. Wealthy collectors buy cars, not just for personal enjoyment, but because they understand the long-term appreciation potential.
A Patek Philippe watch isn’t just a timepiece; it’s an heirloom designed to be passed from one generation to the next. This is a core message in the brand’s marketing: "You never actually own a Patek Philippe. You merely look after it for the next generation." This emotional appeal taps directly into wealth legacy psychology.
Affluent individuals often work with private wealth advisors to craft dynastic financial plans, ensuring their wealth extends for multiple generations. Firms that emphasize a multi-generational wealth strategy are able to position themselves as stewards of legacy, rather than just financial service providers.
Some luxury services even extend to education. Ivy League admissions consulting firms that promise to help secure a spot at Harvard or Stanford are not just selling a service; they are selling the continuation of family prestige and influence for generations to come.
The wealthy are large in net worth but small in percentage of the overall population, and they seek validation through exclusivity. The more you can position your products, goods, or services as something that only they can access, the more compelling they become.
Key Takeaway
If you can position your offering as part of your client’s legacy, something that transcends their lifetime and cements their influence, you will make it far more appealing to them. The wealthy don’t just spend money. They invest in their identity and social standing, their legacy, and their family’s future. If your brand helps them do that, you can successfully tap into this smaller market with large returns for your business or brand.
Mark Satterfield is CEO of Gentle Rain Marketing and author of Affluent Marketing Blueprint: Secrets of Confidently Selling to Billionaires and Millionaires and The Gilded Revival: America’s Return to an Age of Wealth & Glamour.