So far in our journey to unmask the female billionaire, we’ve uncovered who she is and what she spends her money on. But now we’re focusing on what luxury brands can do to attract and engage with UHNW women – including creating experiences and purchases that add value to their lives. Here’s how…
1. Put her privacy first
It’s no secret that discretion is important to UHNW buyers – that’s why most of them prefer to make purchases through a concierge service or use personal shoppers or stylists. But this isn’t enough for the world’s wealthiest women. They want one-on-one relationships between themselves and brands – as well as to protect their privacy at all costs.
And brands can create this trusting relationship by prioritising her privacy – for example, by hosting a private shopping spree in her home or creating intimate in-store shopping experiences. Then – and only then – will a loyal, long-term relationship be on the cards.
2. Demonstrate age appreciation
It’s a marketing tale as old as time: people are drawn to brands that reflect who they are. So, services, experiences, and products that position the UHNW female as the main character in their advertising campaigns are more likely to receive more positive recognition from this audience.
A great example of this is when Loewe chose 88-year-old Dame Maggie Smith as the face of its SS24 campaign. Whilst we know that most female billionaires aren’t quite as advanced in age as her, the campaign was widely acclaimed because it represented a previously under-represented market. This illustrates the main takeaway: to attract wealthy female customers, brands need to reflect who they are throughout their advertising.
(L) Maggie Smith for Loewe SS24. Credit: LOEWE
3. Offer opportunities to connect with other UHWNIs
According to Altrata’s 2023 Billionaire Census, over a third of the people connected to billionaires are billionaires themselves, and many others are ultra-wealthy. However, our data tells a different tale. We found that billionaires value the quality of their connections over the quantity of their contacts – but they often lack meaningful connections due to limited time, trust issues, and privacy concerns.
This is where mutually beneficial relationships between brands and clients come into play. UHNW women can introduce brands to exclusive circles, thus increasing said brand’s reach and desirability. And brands can use this to their advantage by curating purpose-driven client experiences or VIC events that, in return, give clients the chance to make meaningful connections – or the opportunity to co-host and collaborate on experiences.
4. Show off the women behind the brand
It’s widely understood that women have a greater affinity with female-owned or managed businesses – this is known as the Phoebe Philo effect. And this is something we’ve observed amongst our clients, who demonstrate a discernible interest in brands that have women in leading positions.
They’re also interested in ‘meet the maker’ experiences – like attending a private dinner with their favourite brand’s creative director, or a personal consultation with a jewellery or interior design expert. And brands that offer these are much more successful as they’re fuelled by female purchase power – just look at the improved sales at Victoria Beckham and the Jessica McCormack effect on buying diamonds.
5. Offer entirely bespoke products and experiences
Female billionaires have the means and funds to buy anything they desire. So, to capture their attention, luxury brands must go beyond personalised products and services and offer an unparalleled level of individualisation and exclusivity. This is why offering entirely bespoke products and experiences is a game-changer in the pursuit of female billionaire clientele.
Atelier Jolie – Angelina Jolie’s latest venture – has caught our attention for exactly this reason. The concept places customers as co-creators, with a curated black book of craftspeople on hand to bring their fashion visions to life. In Jolie’s words, ‘Why simply buy the design of another person, when you can create yourself?’
We’re Quintessentially Experiences – the award-winning agency behind the world’s most legendary events and experiences. We build lasting connections between businesses and high-value audiences by leading the way in events and experience strategy, activations and events, guest management and experiences, and incentives and rewards – discover more about us here.
