“Millennial and Gen Z consumers are embracing luxury fashion. The average luxury consumer in these generations owns nine luxury fashion items across accessories, apparel, and footwear, according to A Millennial Approach to Luxury, a recent report from The NPD Group and Stylitics. But, they have a different style when it comes to the purchase journey. This younger luxury consumer favors the convenience and extensive browsing ability afforded to them by online shopping, but also appreciates the luxury in-store experience.”
Tag: affluent consumers
A night out at the cinema is a way for consumers to socialize and experience something new on the big screen. This activity also poses a big opportunity for your clients to make an impression on movie goers.
Business leaders are facing an increasingly challenging environment. Yet throughout the past several years, the luxury market has offered businesses and investors safe haven with the affluent consumer segment remaining resilient and aggressive shoppers. However, even the luxury market may be facing a crisis point, as “soaring luxury-goods prices test wealthy’s will to pay.”
There are approximately 20 million millionaires, split nearly in half between males and females. New research from the Shullman Research Center indicates how millionaire Millennials differ from Gen Xers and Boomers, as well as if these three generations plan to buy the same products and services in the near future. Generational issues play a key role in understanding how to market to this segment.
Affluent households are expecting to spend approximately $2,175 on holiday gifts in 2013, down slightly from 2012. However, affluent households spent in 2012 almost 7% more than they had anticipated in the 2012 survey, supporting the premise that people often tend to spend more for gifts than they had planned.
As the affluent population in the U.S. grows, Affluents continue to be enthusiastic consumers of traditional media, even while their use of digital media continues to rise sharply. According to Dr. Stephen Kraus, Ipsos, “Affluents’ growing digital media use tends to supplement – rather than replace – their traditional media use, and the result is real growth in their engagement with media as a whole.”
Shopping activity across the wealthiest consumer segments remains comparably strong. Affluent consumers are both still shopping and further outpacing the shopping activity of non-affluent shoppers, according to a recent study from Martini Media. Affluent consumers (earning more than $100k) were 47% more likely than those earning under $100k to make an online purchase in Q1 2013, and on average, they spent 41% more on purchases.
The 2012 Mendelsohn Affluent Survey shows that Affluents (HHI $100k+) continue to reaffirm the power of the hard copy print publications in their lives, even as tablet and smartphone penetration grows disproportionately in this demographic. Affluent Women and Ultra Affluents (HHI $250k+) are particularly heavy print consumers. As a whole, the survey suggests considerable opportunities for marketers, advertisers and media brands focused on the Affluent market.
The relative economic situation of the nation’s nearly 10 million “highly” or “super” affluent consumers rebounded significantly in 2011 from its low point in the first half of 2009, according to new report from Packaged Facts. Affluent households overall more make up 20% of American households but control 51% of the nation’s household income. Households headed by Baby Boomers are by far the most significant generational segment of the affluent market.
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.
Ultra-affluents, the wealthiest 2% of the U.S. population with incomes of $250,000 and above, have embraced online shopping, according to new research from Unity Marketing. What stands out from the data, however, is the interest ultra-affluents have in online shops that are geared toward savings. “While ultra-affluent consumers may make purchases of top-end luxury items online, the data show that these consumers are also interested in finding great deals,” says Pam Danziger, president of Unity Marketing.