Marketing to the Wealthy

Do you work in the luxury brands space? Travel? Finance and investing?

Ultra-affluent households are an elusive yet highly coveted market segment. They comprise a very small portion of the U.S. population, yet they own nearly 60% of all privately held wealth (Federal Reserve Survey of Consumer Finance, as reported by Epsilon).

Why would marketers be interested in this group?

Well, because their distinct lifestyle and more disposable income allow them to outspend other households by upwards of 3:1 on goods and services. They tend to be “adopters”, trying out new products and then telling their networks about them. Status, exclusivity, and involvement are important to them: 30% of affluent consumers say standing out in a crowd is important to them compared to 23% for everyone else.

Targeting the mass affluent demographic has worked its way up the priority list for many segments in recent years, including banks and wealth managers, luxury goods and technology brands, travel companies, lifestyle and wellness brands, and premium wines and spirits sellers.

Studying the data allows marketers to identify those factors that would most motivate affluent consumers to purchase – and then promote – their favorite brands to their networks. In fact, 41% of this audience say they tell their friends and family about new products (25% more likely than everyone else).

AccuData partners with Epsilon to bring you their comprehensive “Affluents” data set based on a comprehensive evaluation of wealth concentration at the state, county, and ZIP levels. This data is then combined with an analysis of census data at micro-geographies and key financial data, including income, net worth, and investment information, to classify three distinct levels of Affluents:

  1. Silver: ~2.4 million households with a median income of $237,000 and an average of $1.8 million in net worth
  2. Gold: ~2.6 million households with a median income of $273,000 and an average of $1.9 million in net worth
  3. Platinum: ~1.7 million households with a median income of $363,000 and an average of $2.8 million in net worth

Each of the three Affluents segments has distinguishing characteristics – from psychographic traits to purchasing behaviors, media habits, vehicle preferences, and investment profiles – to help marketers devise the most effective messaging and identify the strongest channels to reach them on. The data is also regularly updated by Epsilon to reflect wealth expansion in the US.

How can AccuData help you optimize this data?

Let us help you reach your next best customer and encourage brand loyalty from your current customers. AccuData offers access to more consumer and business data than anyone.  With AccuLeads, AccuData Integrated Marketing’s best-in-class marketing list building platform, you have online and on-demand access to more than a billion records in seconds. AccuLeads enables marketers to research and develop highly-targeted marketing lists online while benefiting from the full service capabilities offered by our team of direct marketing experts.

Our targeted data solutions will help you reach ultra-affluent households across online and offline channels, tailoring your messaging to the Epsilon Affluents segment profiles or even combining Affluents with other demographic, lifestyle, and financial attributes for a more refined targeting in your marketing campaigns.

Contact your AccuData sales rep to learn how our solutions can help your marketing efforts. Or click here for more info.

Written by Bianca Morgan