Consumers with household incomes exceeding $250,000 spend more time and money managing their wealth than the rest of us. They also pay attention to advertising and hire qualified professionals to help them with their short and long-term financial plans. In 2013, financial services groups can improve their revenues and market share by promoting their services to affluent consumers who believe the economy has officially turned the corner.
Analysts at the Shullman Research Center note that affluent consumers also use professional financial services firms at a higher rate than average.
- Tax consultant 19%
- Full service or discount broker 45%
- Financial planner 22%
- CPA 21%
- Online trading 24%
- Private banker 11%
- Personal money manager 14%
- Wealth advisor 13%
In this income group, 88% of surveyed consumers see ads in any given 30-day period. Newspapers (63%) and billboards (60%) were the top media forms reported in the Shullman Research Center’s Through The Looking Glass survey. Another 52% said they had interest in TV ads while magazines came in at 49%. During a typical week, 20% of these consumers seek out business/financial or economic news with 17% turning to the TV as the primary information source. When affluent consumers read about economic news, 17% prefer newspapers and magazines as their source.
About 32% of these consumers hope to increase savings this year and another 40% plan to save for retirement. It appears that the recent financial collapse still has many potential investors shying away from purchasing stock. Only 6% plan to purchase preferred stock and 9% plan to purchase common stock. Instead, 14% will opt for the more balanced and potentially less risky mutual fund approach.
Financial services professionals will likely be rolling out their best ad campaigns early in 2013 to cash in on the New Year’s resolutions of the affluent. To learn more about affluent consumers, check out the Audience Interests & Intent report available on the Research Store at Ad-ology.com.[Source: Luxury and Affluent Markets in 2013. Shullman Research Center. 2013. Web. 10 Jan. 2013]