Is there such a thing as Rolex Republicans? A new study in the Journal of Marketing decidedly says yes. The researcher analyzed the luxury goods market, which notched $262 billion in sales in 2017, to understand how political ideology influences the purchase of high-end goods in the United States. Researchers hypothesized that conservatives, who seek social stability, would have a greater desire for luxury goods when their status maintenance goals were activated. Here is a snapshot of some of the findings. Republicans with high socioeconomic status (SES) were 9.8% more likely to purchase a luxury car than high-SES Democrats. They also spent more: $33,216 on average to Democrats’ average of $29,022. This research empowers marketers to target consumers by political ideology, deepening segmentation strategies for higher sales and profitability.
Full Article: https://doi.org/10.1177/0022242918799699