MZInc Knows How to Satisfy the Changing
Needs of the Affluent Market
The affluent market used to have a definable profile, and
chances are most people are familiar with it; inherited money
from a long-line of ancestors known for their social standing
and wealth. However, these definitions are being revolutionized.
How the Affluent Market is Changing
The expansion of
the affluent market comprised can be traced to several reasons:
- Rise of a "different" affluent market
- Changing needs
- Who are these people and what are they like?
- How they affect the mass population
These changes present a challenge to those interested in
reaching this market, however MZInc knows how to utilize various
channels in order to effectively leverage this group.
An Affluent Market with a New Profile
- 197% rise in females among the affluent (1991 - 2000)
- 154% increase in African - Americans (1991 - 2000)
- 126% increase in Hispanics (1991 - 2000)
- 123% of Asians (1991- 2000)
- Affluent populations can be found in a variety of locations,
not just one area anymore
- Affluence isn't restrictive to just white-collar jobs anymore
- Small business owners
- Those who "worked hard and saved hard"
Levels of Affluence
(1 Cruise Trade, "It's Full Steam
Ahead for Sales of Luxury Cruise Programs," March, 1999.)
( 2 American Demographics, "Three Degrees of Wealth," April,
1997.)
| |
$70,000 to $99,999 |
$100,000 to $249,999 |
$250,000 + |
| |
Marginally Rich |
Comfortably Rich |
Super Rich |
| AGE |
|
|
|
| 18 to 34 |
18.8% |
17.9% |
15.8% |
| 35 to 54 |
64.8% |
63.9% |
58.1% |
| 55 and older |
16.4% |
18.2% |
26.1% |
| |
|
|
|
| FAMILY STATUS |
|
|
| Married |
88.3% |
86.4% |
85% |
| Any Children under age 18 |
52.6% |
48.8% |
47.3% |
| Any Children under age 6 |
23.7% |
22.6% |
21.9% |
| |
|
|
|
| EDUCATION |
|
|
| No College education |
32.0% |
20.5% |
23.4% |
| Undergraduate Degree |
43.3% |
59.3% |
60.3% |
| Postgraduate study/degree |
12.3% |
22.9% |
26.2% |
| |
|
|
|
| LABOUR FORCE STATUS |
|
|
|
| Employed full-time |
77.5% |
74.4% |
60.3% |
| Employed part-time |
7.9% |
8.0% |
10.7% |
| Tempoarily unemployed |
1.5% |
1.6% |
1.2% |
| Not employed |
7.2% |
9.7% |
19.2% |
| Retired |
5.9% |
6.3% |
8.6% |
| |
|
|
|
| JOB TYPES |
|
|
|
| Salaried executive/manager |
55.2% |
48.6% |
34.3% |
| Self-employed executive |
8.4% |
13.1% |
32.1% |
| Salaried professional |
32.3% |
30.3% |
14.0% |
| Self-employed professional |
4.1% |
8.1% |
19.6% |
Changing Needs
The people who have succeeded in recent
times have overcome many struggles, including several recessions,
a surge in new technologies and the approach of globalization.
These people tend to show perseverance, they are also extremely
knowledgeable.
These two qualities present challenges to companies who strive
to satisfy this market. Having worked so hard for the money
and status they achieved, members of this group are looking
for superior quality and service as a reward. Due to their
hard drive and intelligence, providing such service is a bit
more complicated. But MZInc knows how to effectively integrate
quality and service in a collaborative approach that will
allow the consumer to have access to all delivery channels.
Who are these people: a psychographics profile
Targeting
the affluent market means that first we must understand their
values, beliefs and lifestyles.
- Deserving connoisseurs. This group wants to enhance their
lifestyle and live "the good life." They have an interest
in pursuing leisure and having the best in material goods.
- Family providers. Family providers intend to leave their
assets to their heirs. They hope to retire as soon as possible
so they can spend time with their families.
- Mainstream wealthy. These individuals want to live a comfortable
lifestyle, spend time with family and continue the good life
to which they've become accustomed.
- Explorers. Explorers want to do something new after retirement,
such as start a new business, try a new career or go back
to school.
- Leisure seekers. This group wants to spend more time pursuing
leisure activity (such as travel or theater) and to maintain
a comfortable lifestyle.
- Work engrossed. These people want to stay busy. They are
often business owners or professionals who intend to keep
working. Accurately determining which segment a prospect or
client falls into can be crucial when advising them on a plan.
An advisor can determine this by asking questions.
How They Affect the Mass Population
Influentials
- 21 million Americans
- The most active 10% of the public
- Someone you know and rely on
- Well-connected, well-informed, trusted
- Word-of-mouth leaders
- 2x as likely as avg. to be sought out for opinion
- 2x as likely as avg. to make recommendations
- Vital center of society and marketplace
- Leading indicator on trends (3-5 years ahead)
- Opinion leaders for products, services and ideas
Avg. Influential Connected To 7 Groups versus only 3 for
the average American
96%...to their neighborhood/town (+7 from total public)
85%...to a religious or spiritual group (+6)
72%...to their workplace (+7)
58%...to a political group (+29)
57%...to an alumni association (+28)
57%...to a group for hobby or interest (+22)
53%...to a youth-related group (+22)
47%...to a social activist or volunteer group (+26)
Click here for more on Influentials
and Affluent Ethnic Markets
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