Marketers have long known about the challenges of reaching affluent consumers with traditional media. Consumers with household incomes exceeding $100,000 have never been easily targeted via TV or radio. But, lately, this demographic group is showing a preference for digital media and online advertising.
The Interactive Advertising Bureau (IAB), in a study titled "Affluent Consumers in a Digital World", which was conducted by Ipsos Mendelsohn, has shed new light on upscale households and their media consumption habits. To begin, the affluent population has a higher rate of being online, 98%, than the total consumer base (79%). Here’s a snapshot of weekly media use time for affluent consumers:
- Online 26.2 hours
- TV 17.6 hours
- Radio 7.5 hours
The affluent population represents 21% of U.S. households. But they control 70% of consumer wealth and they spend up to 3 times more than average on goods and services.
In a positive finding for marketers, affluent consumers remember what they see online. After viewing digital ads, they recall:
- New products 55%
- New companies 51%
- New websites 46%
These numbers are all higher than the recall rates of non-affluent consumers. Bob Shullman, President of Ipsos Mendelsohn, says “Affluent consumers have increasingly come to desire relevant and customized experiences, in part because they are living technology-infused lifestyles.” These shoppers understand that free websites are supported with advertising revenue and that there is great benefit to ad targeting. For them, it’s all about personalization and customization.
Marketers who make it easy for affluent consumers to find what they want quickly on the Internet will be rewarded with higher sales.[Source: Affluents Most Active Online, View and Recall Digital Ads More Than Other Consumers. IAB.com. 1 Aug. 2011. Web. 8 Aug. 2011]