Adults on the upper-end of the spending scale are beginning to feel financially squeezed. This group used to spend indiscriminately, but is now selectively making large purchases. A new study has been released detailing the cutbacks among high-end consumers, this information could mean changes in the way you market your goods & services.
• The top 10% of U.S. households spend an estimated $244 billion dollars last year, that was an increase of 3%
• Nearly half of the top spenders surveyed said they were financially insecure or in trouble
• Almost 60% of Millennial or Generation Y affluent consumers are insecure about their financial futures
• 46% of Boomers felt anxious
What Does This Mean To You
While luxury stores and exclusive brands may feel the effects immediately, anyone who counts of upper-end shoppers could be affected. The first step in engaging these shoppers and keeping them as customers is targeting. Shot-gunning your message is not efficient in connecting with this group. Look for vehicles that will effectively reach this group and increase your return on investment. Also look at your message. Stress the value of the product & how it will benefit their lives. Just listing the features of your products & services may not be enough to draw these affluent consumers in. For more information on targeting high-end shoppers, please contact your Orlando Sentinel Media Group representative or:
Source: Mobile Commerce Daily; Boston Consulting Group