Reaching Wealthy Consumers


Traditionally, marketers have targeted affluent consumers, because they control so much of the spending power. Not surprisingly, you will find them online. They spend an average of 20 percent more time online weekly, compared to the general population. They watch about half as much television and listen to the radio less than half as much as well.

A new study, recently released by the Interactive Advertising Bureau,
reveals these higher-income folks embrace digital media---and the
advertising you will find there. The study, called "Affluent Consumers in a
Digital World", details the usage and attitudes of these wealthy consumers,
those who live in homes and have at least $100,000 in household income. They
constitute 21 percent of United States households and represent 70 percent
of consumer wealth.

Virtually all affluent consumers are online. Many own tablets and e-readers.
In fact, the numbers of owners have increased by 50 percent just over the
past six months, and we expect continued growth. Still more good news for
advertisers: more affluents view and recall seeing digital ads than their
less-wealthy counterparts. They enjoy the benefits of digital media---though
continue to struggle with work-life issues.

The most fascinating aspect of this study was the assessment of attitudes.
Almost 80 percent of these wealthy consumers say their very lives have
become "intertwined with technology" over the past 10 years. However, they
are also more likely to say that their lives have become "more complicated"
(59 percent) and "more stressful" (58 percent), as opposed to "more fun" (47
percent) or "easier" (33 percent).

The results of this study represent a new paradigm for brands, products, and
services that look for deeper relationships with affluent consumers. Because
affluent consumers' spending power far exceeds that of most Americans, this
paradigm shift (thank you, Joel Barker) has implications beyond the luxury
and/or upscale markets.
This group, that used to be the toughest to reach, may now be targeted
online. The majority report ownership of a number of other digital devices.
Look for more smartphone and Internet advertising to target these folks who
look to digital media for information and reviews of new products. Mobile
advertising will continue to grow exponentially.


Herman Trend Alerts are written by Joyce Gioia, a strategic
business futurist, Certified Management Consultant, author, and
professional speaker.


Joyce Gioia is a Strategic Business Futurist concentrating on workforce and workplace trends. Joyce is President and CEO of The Herman Group, a firm serving a wide range corporate, trade association and governmental clients on an international basis.

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