How long do the wealthy take to decide on major donations?
According to the latest Futurewealth Report, it takes on average 36 days for High net worth individuals (HNWI) to decide whether to make a major charitable donation and when they do, the gift averages around $14,000. Futurewealth is a global survey of 3,300 high net worth individuals (HNWIs) conducted by Scorpio Partnership in conjunction with Standard Chartered Private Bank and SEI.
The research also found that these individuals take longer (55 days on average) to make decisions about buying a new watch or piece of jewellery. Encouragingly for the sector’s major donor fundraisers, the report found that charities outperformed luxury car dealers and even fine art dealers in the quality of service they provide to their customers.
The report says that making a major charitable gift is often an equally significant expenditure to buying a car and the wealthy place a high importance on the brand of the organisations they consider donating to. The report suggests the wealthy make their choices based on their knowledge of the charity and faith that it is doing good things. But, in contrast to buying a car, they also attach far more importance to how well the charity keeps in touch after they have made their donation. No surprises there then..
Read the full 2012 Futurewealth report.
Read previous Futurewealth reports.