Young and Rich Snatch Up Smart Phones

New study says wealthy enjoy the latest in mobile device convenience and functionality.

By + More

Even though the economy is shrinking at its fastest pace in 26 years and the country is facing a deepening recession, the wealthy are increasingly snatching up smart phones like BlackBerrys and iPhones, according to a study by the Luxury Institute. Wealthy consumers from households with an average income of $332,000 and an average net worth of $3.3 million were surveyed on their use of mobile devices.

"Luxury advertisers and marketers should be aware that 3G devices are quickly gaining traction as ways to reach high net-worth individuals, especially the youngest and the wealthiest. Mobile devices will be an important component of the luxury experience," says Milton Pedraza, CEO of the Luxury Institute.

The top three Internet activities of affluent consumers on their mobile devices:

  1. Checking weather forecasts (68 percent)
  2. Getting driving directions (58 percent)
  3. Finding nearby businesses (58 percent)
  4. Other popular functions are receiving financial market updates, finding sports scores and movie showtimes, and receiving traffic updates.

    Popular networking applications include Twitter, LinkedIn, Facebook, and MySpace.

    "Just as the Internet upended the retail world as a whole in the late 1990s, today it is mobile devices that are proving to be a powerful and evolving medium that enhances connectivity and promotes commerce," says Pedraza.

    • Read more of the Luxe Life.
    • Find why Starbucks is looking more and more like McDonald's.
    • See which town is up for sale.