The Super Rich seem to have no problem spending into the millions for 60 minutes of enjoyment when marketers create awareness and desire.  Look at your favorite rock star.

Greg Furman, the former CMO of Bergdorf Goodman who founded The Luxury Marketing Council, talks about depth of pocket with the Top 0.01 Percent. In other words, the high net worth crowd is a deep well that has more to give savvy marketers. I tend to agree with his viewpoint, that properly motivated, the Ultra High Net Worth segment will spend even more than it currently does on hotel suites, watches, designer fashion, jewelry, home and so forth.

Part of the problem in my opinion is that most luxury marketing is focused on budget constrained aspirational consumers, when the UHNW segment doesn’t even have a clue what’s on offer from some of the best brands out there.  The Super Rich consumer may know the brand, but they don’t know the products.  After all, how many centimillionaires can you get to stop by your boutique for champagne?

To the point, the fastest growing segment of luxury spending is experiences instead of hard product. A recent article by BusinessInsider outlined how the wealthy are shelling out hundreds of thousands of dollars and into the millions for 60 minute private performances from their favorite recording artists:

Performance Fees:

50 Cent    $250,000

Adele   $750,000

Black Eyed Peas   $400,000

Bob Dylan   $150,000

Britney Spears   $500,000

Bon Jovi   $1 million

Bruce Springstein  $1 million

Drake   $300,000

Faith Hill   $500,000 

James Taylor   $1,000,000

John Mayer   $500,000

Justin Bieber    $1,000,000

Katy Perry   $500,000

KC & The Sunshine Band   $50,000

Lady Gaga  $750,000

Madonna   $1,000,000

Maroon 5   $400,000

Rihanna   $500,000

Performers are a known quantity. Like me and you, the UHNW (and their families) have their favorite performers. The first step in creating demand is creating awareness of what you are selling. As the above fee chart shows, when the wealthy know about something and want it, money is not an object.  How well do the Super Rich know what you are selling?