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Tuesday 1st August 2023 at 08:11
If you target high-net-worth individuals (HNWIs), you need to know the most lucrative periods of their year. Focussing on these optimum times can lead to more sales and less haggling of your prices!
In this blog, Antiques Web Design will explore some of the most lucrative times of the year for high-net-worth individuals, and how antiques dealers can maximise their online and offline sales.
In May, Antiques Trade Gazette reported online art market sales were up 6% in 2022 (according to the latest Hiscox Online Art Trade Report). And we already blogged about why antiques and art investments are growing (luxury watches +16%, art +13%, coins +19%).
And I think we can all agree a modern NFT has got nothing on the physical and emotional appeal of a beautifully crafted piece...!!
Some wealthy individuals are more inclined to spend and invest extravagantly during specific periods so in this article we'll take a look at when those periods are.
March and April are big months for bonus payout windows for those on large salaries.
An influx of foreign tourists in the summer can lead to opportunities for travel-sized treasures or overseas shipping.
And, of course, high-value spending tends to happen at Christmas (as well as Valentine’s Day, Mother’s Day, birthdays and anniversaries).
Late November signals the start of the festive season, Christmas bonuses, and lavish spending. High-net-worth individuals often splurge on luxury gifts and interior decoration.
Antiques dealers can leverage this consumer sentiment by curating an exquisite collection of one-of-a-kind vintage pieces.
Tax season typically occurs between January and April in many countries, including the USA. Individuals receive tax refunds, bonuses, or other financial windfalls, and high net-worth individuals may experience substantial gains during this time.
In the UK, many companies end their business year at the end of the calendar year and pay bonuses within 1-2 months. March and the first payday in April are the main dates to target.
In the US, annual bonuses are often paid on March 15th to allow the company to deduct bonuses in the tax year ending in the prior December.
You can capitalise on these payouts by offering investment-grade antiques, rare artefacts, or high-value collectables with aesthetic appeal and potential long-term value appreciation.
Emphasising the investment aspect of certain pieces can attract astute buyers who see antiques as a viable alternative asset class.
Don't forget that if you're a British dealer, then the US$ rate is brilliant for American buyers at the moment.
Many affluent individuals travel to the UK in the summer, which can present lucrative opportunities for British antiques dealers. Wealthy vacationers often seek distinctive souvenirs or unique home accents to commemorate their travels.
Dealers can cater to this niche market by stocking travel-friendly antiques like vintage jewellery or antique maps.
How much do you know about your clients?
The better you know your customers and tailor your approach, the more relevant and personal your communication will be.
Make them feel special and show you understand them by highlighting what you have in their area of interest at the right time. https://www.antiqueswebdesign.com/en-GB/why-you-should-send-out-latest-items-mailshots/blog_10171
(Obviously, be responsible with any data you hold about your clients).
The first Monday after the Christmas holidays is known as Divorce Day. So, no pressure on finding the perfect gift this Christmas!
With the average time to finalise a divorce or consent order, you might expect a boom in divorcee spending in August (if a pre-nup was involved) or the following Christmas.
Timing is crucial in the world of antique dealing. And an understanding of high net-worth individual's wealthiest periods can significantly boost your sales.
By investing in a quality website and focusing your activity on the times wealthy individuals are most inclined to spend, antiques dealers can attract discerning clientele, increase visibility, and solidify their position in the luxury market.
Get your items in front of buyers with money to spend at the right time. Our Antiques Boutique online marketplace focuses on attracting high-net-worth individuals and interior designers, so showcasing your items on our marketplace could be beneficial all year round.
Antiques Web Design by ph9 is here to help you get started. We specialise in creating websites that are tailored to your business needs. We can also guide you through joining antiques marketplaces, and help you set up and manage online advertising campaigns. Contact us today to learn more and start taking action towards growing your business.
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As well as a hand held service, all our customers receive a copy of our marketing tips book which gives you lots of tips and advice on this on how to succeed online.
Tuesday 1st August 2023 at 08:11