Psychology 101: What Encourages Affluent Buyers to Buy

After all, if you’re looking for white tile, you can buy it at a discount warehouse. Why would you pay a premium for the option that’s handmade in Italy? 

There are books and books written about buyer psychology, and there are far too many details to go into in one blog post. However, among all that information, there are certain human behaviors that are consistent among the affluent buyers. Let’s work through three of them.  

The affluent love Exclusivity and Scarcity 

Humans like the idea of having something no one else has. This desire for exclusivity stems from a deep-rooted psychological need for status and identity. In short, we all just want to feel special.  

Think about something you own that most of your friends don’t own. How does it make you feel? For me, it’s an Hermes belt. I feel great every time I wear it, and it makes me feel special. Was it an investment? Definitely. But was it worth it to me? You bet.  

Possessing something rare or unique makes you feel significant, and affluent buyers know this better than anyone. They want their friends and neighbors to see something they have and think, “Man – the Smiths must be doing well.” This obviously applies to cars and clothes, but it also applies to the products in and on their homes.  

This desire is intertwined with social comparison theory, where individuals assess their own worth based on how they stack up against others. If your neighbor bought a standard fireplace at Lowe’s, but yours is from an exclusive, high-end shop where they were crafted in limited batches, you’re reinforcing that you belong to an elite circle. It may sound a little uppity, but it’s the reality. Affluent buyers are happy to pay to affirm their uniqueness and elevate their social status. When you use that information in your marketing message, you win.  

The affluent appreciate social proof

Humans want to feel validated. It may feel contrary to what we just discussed with exclusivity, but we like knowing that the decision we’re making is the right one, whether it comes to our hairstyles or the type of appliances in our kitchens. The psychology behind social proof is rooted in our inherent need for validation. 

I imagine back in prehistoric times, a cavewoman making a fantastic rock necklace and looking to her cavewoman peers for validation that they liked it. It’s the same for affluent buyers, except now instead of a rock necklace, it’s gorgeous cabinet hardware.  

Affluent buyers do their research before buying, and part of that research is reading testimonials from other happy customers. Showcasing endorsements – especially those from high-profile clients like architects – convinces them that they’re making the right choice. Even if they don’t know the person who wrote the testimonial. This tendency is driven by the belief that if many people are endorsing a particular choice, it must be desirable. 

Social proof also makes a huge impact when it’s coming from someone they actually know. This is why word of mouth referrals carry so much weight. The endorsement of a product by others acts as a shortcut in decision-making, reducing the desire to evaluate options independently. It increases the likelihood that they’re making the right choice.  

The affluent react to Emotions and Experiences 

Humans value experiences and the emotions associated with them. And affluent buyers are persuaded to buy by emotion much more than logic in most cases. The psychology behind buying decisions is grounded in the way humans process information and form memories. 

Think about a great trip you had as a kid. Maybe you went to the beach with your family, and you can remember spending time by the ocean, with your mom chasing after you with sunscreen. Fast forward 30 years, and you see a very expensive bottle of perfume. The scent immediately takes you back to that beach trip. Even though you already have 10 bottles of perfume, even though it’s ridiculously overpriced, you buy it. That’s how emotions can drive sales.  

In a similar manner, even the IDEA of an experience can drive sales. Picture a photo of a happy family gathered around the kitchen during the holidays. Everyone is laughing and enjoying a cup of coffee around an island topped with exquisite marble. You’ve now stopped selling the marble – you’re selling the experience happening AROUND the marble. 

Affluent buyers listen to those emotions and act on them. It doesn’t always make sense, but it can usually make the sale.  

Let’s Recap

Using psychology to enhance your marketing and sales efforts is an ideal way to reach affluent buyers.  

You can do this through: 

1. Using exclusivity and scarcity – Affluent buyers want to feel special.
2. Displaying social proof – Affluent buyers want to know they’re making the right decision.
3. Appealing to emotions and experiences – Affluent buyers, more than any other group, make purchase decisions based on emotions and experiences.  

If you’re ready to start selling to affluent buyers, we’re here to help. Script Marketing helps luxury outdoor products and services find, target, and talk to affluent buyers so they can generate more sales.