While the rich mass offer a high profit potential, it is complex to attract and retain them. Wealthy mass consumers are financially savvy and more likely to look for products and consider alternatives. Because they are familiar with maintaining relationships with multiple financial institutions, they are much more likely to spread their assets and products across multiple providers. Our research shows that they are more likely to compare vendor fees and charges, interest rates, product packages, and digital capabilities compared to the non-rich. 46% of wealthy Gen Z or Millennials discover brands through social media, whether through ads, recommendations, comments, or updates on brands` social media pages. There are about 33 million wealthy mass households in the United States, and they own about 37% of America`s liquid financial assets. [4] Among family households, about thirty percent could be described as massively wealthy. [5] A look at their preferred way of buying paints a clear picture of why online channels shouldn`t be underestimated when they reach this group. 63% of affluent consumers worldwide would choose to shop online rather than in-store, compared to 56% for everyone else. Nevertheless, the mass rich are a sought-after group within the framework of the declining middle class. In 2017, the mass-benefiting figure included 30.7 million households in the United States with $10.2 trillion in wealth. They attract marketers and businessmen because they act as a bridge group between the mass middle class and the rich or rich group.
There are three million wealthy consumers, or about 5% of the rich consumer population, who do not have a high school diploma. In general, however, a high level of education distinguishes the rich from other consumers. While only 16% of other consumers have a university degree or higher, 43% of wealthy consumers have a bachelor`s or master`s degree. While all income brackets say they are dedicated to their families and consider the well-being and education of their children a top priority, the benefits tend to be optimistic about the future. The investment activity of wealthy mass consumers offers banks a remarkable opportunity to deepen their relationship with them. 70% of the mass investors we surveyed are investing. They also hold about a third of their total net assets investable in investments. However, when they invest their capital, only about 40% depend exclusively on their main bank, while more than half use multiple providers.
The successful financial organizations of tomorrow are the ones that have concocted the most attractive asset offerings as their “secret sauce.” In fact, 35% of wealthy mass consumers plan to increase their investment activity over the next 12 months. Nearly half of wealthy mass consumers and 59% of wealthy consumers pay a premium for convenience. This segment is often busy and will pay more to make life a little easier. In general, high-net-worth consumers are less likely than other consumers to live in small towns and rural areas outside the 100 largest metropolitan areas (43% vs. 50%). The super-rich are particularly likely to live in the 10 largest metropolitan areas. The New York metropolitan area contains far more affluent households than any other metropolitan area in the United States. The 2.1 million wealthy households in the New York metropolitan area make up 9% of all wealthy households.
published. Data from Experian Simmons` National Consumption Study shows that consumer confidence increased in 2011. Compared to 2009, the proportion of high-net-worth consumers who reported being financially better off than 12. Read more. Rich consumer market at a time marked by this growing gap between the rich and everyone else. One finding of potential importance for luxury marketers is that some affluent consumers with the stigma of. Read More 47% of wealthy Gen Z and Millennials say credibility is a more important trait among the people they`ve been following on social media since the pandemic — 31% more likely than anyone their age. The trend is not limited to the rich or millennials. Households are often segmented according to consumption and wealth levels, allowing marketers and businesses to better understand their spending habits. Some segments exhibit specific behaviors that, when identified, allow companies to meet their needs in a more personal way. While the average wealthy masses are 59-year-old Caucasians, Asian Americans are 36 percent more likely to be rich in mass than not. In fact, mass prosperity is expected to form the next megamarket in Southeast Asia by 2030.
We are increasingly witnessing a shift from emerging influencers or celebrities to the “everyday influencer”. Two-thirds of wealthy Gen Z or Millennials say they relate most to their friends or peers, and 55 percent say they relate more to family members on social media, compared to 43 percent for social media stars like TikTok personalities. Rich mass households, despite their declining numbers, are in high demand by businesses. Here we dig into the details and look at exactly why this is so and what it means if you are one of them. Thirty-nine percent of mass wealthy people plan to travel more in the coming year, as this is the main category in which they plan to increase their spending. This is tantamount to finding that consumers are more attracted to experiences. Income of $150,000 or more. Buyers of high-net-worth food are further divided into buyers of high-net-worth food with household incomes of $150,000 to $249,999 and very wealthy food buyers with incomes of $250,000 or more. Read More Wealthy Masses is a term used to describe the rich incomes of the middle class. Members of this wealth group live a comfortable lifestyle and consume high-quality products. Since they focus more on wealth creation than on preserving it, they are a prime target for businesses and marketers. In marketing and financial services, the mass rich and the emerging rich are the upper end of the mass market or individuals with liquid financial assets ranging from $100,000 to $1,000,000[1] plus an annual household income of more than $75,000.
[2] The objectives of their finances change from one group to another.