Marketers who want to reach today’s spenders would do well to target the Millennials. A significant portion of this demographic self-identifies as spenders and is more likely than older consumers to live in an affluent household. In addition, researchers have uncovered which media formats are most popular with spenders, a detail marketers will want to take into account when they plan their next ad campaign.
All age groups are comprised of both spenders and savers. In total, 9% of adults say they are spenders while 29% claim to be savers. New research from Scarborough shows that more Millennials and members of Generation X claim to be spenders rather than savers. The opposite is true for Baby Boomers and members of the Silent Generation.
Spenders are 15% more likely than average to visit social networks for about 3+ hours a day and generally believe these sites will help them find new products and services but they also appreciate the opportunity to read and leave comments. These spenders say that Facebook is their favorite social site. About 26% of these consumers regularly tune to Pop Contemporary Hit radio and they are 16% more likely than average to watch reality and dating shows.
Spenders are more likely than average to purchase certain types of products online: Pet supplies, insurance and medicine and prescriptions.
Engaging with spenders now and forming strong loyalty bonds will help marketers lock in customers for decades as these shoppers grow older.[Source: Big Spender Cities. Scarborough.com. 28 Feb. 2013. Web. 11 Mar. 2013]