Conversations with High Net Worth Canadians

Conversations is Ipsos UU's qualitative exploration focusing on specific population segments. With this study, marketers will gain an understanding of each segment: who they are, what they value, their attitudes and beliefs, plus behaviours related to a variety of categories. The study launched with Millennials in 2013 followed by The New Retiree in 2014. This year, the focus is on High Net Worth Canadians (investible assets of $1M or more).

Ipsos UU conducted interviews in the homes of High Net Worth Canadians for this syndicated qualitative study - speaking with participants that reflected a broad generational makeup. Interestingly, the Ipsos Affluent Survey in the US, which tracks the lives, lifestyles and media habits of Affluent Americans, found that in 2015, for the first time ever, the Affluent population of the US has more Generation Xers (age 34-50) than Baby Boomers (51-69).

The Conversations interviews uncovered that High Net Worth Canadians own and use a wide range of brands, from mainstream to luxury, and shop widely across the retail spectrum - both online and offline, and at both mass outlets and luxury boutiques, dispelling the belief they only buy expensive products from premium brands. Yet, while High Net Worth Canadians display strong value orientation, they do express a willingness to pay a premium for quality in some categories. The same holds true for Affluents in the U.S.

When it comes to social media, High Net Worth Canadians appear to use it in a limited fashion, if on social media at all. Boomer and even Gen X and Millennial High Net Worth Canadians express a desire to remain private and, since many are self-employed, state they simply do not have the time for indulging in social media.

In fact, the debate between online and offline is a healthy one for High Net Worth Canadians. While there is some recognition of the role that technology plays in making some things easier and more efficient, a human touchpoint continues to play a strong role, particularly in certain situations, for example finance, investing, and insurance.

For more information on Ipsos' Conversations qualitative syndicated program with High Net Worth Canadians (available end of October 2015), please contact Serra Shular.