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Quote: Wealthy consumers research and buy online—with 69% in a recent survey, for example, preferring to make hotel and resort reservations directly on the Internet. “The only remaining obstacle preventing wealthy consumers from purchasing a multitude of luxury products online appears to be the lack of customer-centricity on the part of some luxury firms,” says Milton Pedraza, CEO of survey and research firm The Luxury Institute.

The Luxury Institute surveyed 1,000 consumers with average household income of $288,000 and average net worth of $2.5 million. It determined that 96% of them buy products and services online, with 55% doing so frequently; and 99% of wealthy consumers use the Internet to research before they buy. According to the survey findings, more than half of the wealthy consumers surveyed prefer to make purchases of women’s apparel online while 43% prefer to use the web when buying men`s apparel...