Attention all luxury brands and services! If you haven’t already, take this as an official reminder to get on the crypto payments rails!
Why you might ask? Because crypto spenders statistically spend far more than people spend with other mediums, that means they are more than ready to buy luxury goods.
Who Is Spending Crypto?
Sure, people are spending crypto, but what do those people look like? Here are some key takeaways of the crypto spending demographic that should interest luxury businesses:
- 40% of crypto spent is from new customers
- As a customer acquisition tool, accepting crypto is one of the easiest ways to amplify your audience. Based on interviews with a number of crypto consumers, the mere fact of accepting cryptocurrency is the main motivating factor to bring crypto-spenders to your business, expanding clientelle – who doesn’t want that?
- Crypto consumers statistically spend 2x more
- The average order value of crypto users is twice as much as traditional currencies. In July 2021, Visa announced that over $1 billion had been spent since they added a crypto option.
- Market cap grew 800% in 2020 alone
- The market cap of bitcoin was just $4 billion in 2013 which is roughly 0.4% of what it is today. Experts predict it will reach $2 trillion by 2030 – time to get a cut of that pie!
- 47% of millenial millionaires use crypto
- According to a survey, 47% of millennial millionaires (which is the generation responsible for the majority of crypto investments per-capita) invest on average 25% of their wealth in crypto.
For more information about who is spending crypto, how much has been invested so far, and what kind of big purchases with crypto has been recorded, check out our crypto spending report, here.
Who Is Accepting Crypto?
From Philipp Plein to Hublot; from Bugatti to Ferrari – buying high-end goods with crypto is no longer a thing of the past. The affluent demographic is shifting, and for the better! As the wealth gap continues to fill up from the DeFi world, crypto spenders are looking to live lavish lives untouched by traditional forms of payment if possible.
Other high-priced places that accept crypto payments include:
- Whole Foods
Another fun fact: the largest cut billion-year-old black diamond was bought using cryptocurrency in an auction for $4.3 million!
Keep up with the times, and start accepting crypto payments! For more information on how to do so, visit us at www.ForumPay.com.