A recent IPSOS survey about richer Americans found some useful demographics that might influence your marketing efforts:
- Average household income among Affluents in 2013 was $197,400.
- Liquid assets rose 7% to an average of $592K in 2013. Affluent average net worth rose 1% to $1.02 million, while median net worth rose 3%.
And younger Americans may have more money coming in that you think:
- Baby Boomers are 38% of the Affluent population
- Gen Xers are 33%
- Millennials are a surprising 22% (perhaps a Silicon Valley effect?)
- African-Americans, Hispanics and Asians each comprise 6-8% of the Affluent population
- 17% of Affluents speak a non-English language at home
- 11% were born outside the U.S.
The survey also separated out the “Wealthy” from the merely Affluent – those with at least $500,000 in annual household income:
- Just 1.9 million adults, or about 0.5% of the U.S. population, the Wealthy spend an average of 2.3 times more than Affluents.
- The Wealthy are also particularly heavy consumers of media, spending 29% more time online, and reading 54% more print publication issues, than Affluents. Might this guide where you spend scarce marketing dollars in local media?
- 21% of the Wealthy speak a non-English language at home
- 15% were born outside the U.S.
Click through for the full story. And at the bottom of the article is a link to attend a full webinar on the report, if you wish to further your education.
Let us know if you found this information useful, and in what way. Did you find ideas for adding any niche demographics to your target markets?