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May 1
Marketing to the Newly Affluent in America

The newly wealthy in America are found to spend more time online than they do watching TV, although it's by a narrow margin. Those in this emerging group spend 10.1 hours online a week on average, while the consume 10 hours of television a week. That's from a study by American Express and the Harrison Group, cited by Media Daily News.

Those considered affluent in the study had discretionary income of $125,000 a year or more.

This is important if you're marketing to newly upscale consumers. They behave differently in their spending than those that have had money for a while.

Major differences are that new money behaves more like the middle class mindset they've emerged from. They look at the design, quality and craftsmanship of a product; they are far less apt to buy on impulse than "older money."

The new rich will do a lot more comparison shopping than their older counterparts. Searching the Web is one of the key tools in their shopping strategy.

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Another finding of the survey was that new money doesn't care very much about status or privilege, meaning your message must be different to them than it is to older money.

How do you know if your customers are newly wealthy? The greatest concentration live in the suburbs of major cities. It would be a matter of targeting known suburban zip code areas with some of your marketing campaigns.

If you think of marketing to the existing middle class consumer in America, you'll be pretty close to how to market to new upscale consumers as well. When they go to the next financial level, they maintain their same values. We need to market to them accordingly, even it the products or services may be different.


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» Marketing to the Newly Affluent in America from BizzBites.com
Contrary to popular belief, a new study indicates that the nuvuex rich aren't as flamboyant and ostentatious with their buying power as we've been led to believe. Showing off and status mean little to them, and they are more interested in true value. C... [Read More]

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