Weekly Furniture World Media Note #31 from Lance Hanish - MobileFirst: The Affluents Are Buying
Furniture Industry News Update -
Furniture World Magazine
Unlike this time last year, wealthy consumers are reaching for their wallets. his time, money is not just going to essentials, It is being spent on high-end luxury products.
Traditional thinking has presented the affluent community (according to most standards, those households earning $100,000+ per year) as one of the hardest to reach through most media because they spend less time using it. What may or may not be true is that the belief is that this group does not watch television or listen to the radio as much as other social iconographic groups.
Yet, affluent consumers are THE HEAVIEST USERS of digital and mobile, spending an average of 26.2 hours a week online compared to the general population at 21.7 hours according to an Ipsos Mendelsohn report.
This should come as little surprise. The affluent were some of the earliest adaptors to digital and mobile because of business. Business forced them to be heavy users of computers and the Internet and they were some of the very first to utilize mobile as a key communication device. They had to spend time with both digital and mobile in order to keep pace with the competition.
Michael Goldberg of a San Francisco media company, Martini, conducted a study and found that affluent consumers prioritize their time on the sites that focus on their hobbies and passions, and the time engaged skyrockets as the interest gets more expensive. Writing in luxurydaily.com, he stated "70% of affluent consumers access style and design information at least once a week, while 61% access luxury sports car information weekly. And they are not just reading about their hobbies...they are investing in them."
He noted that unlike this time last year, wealthy consumers are reaching for their wallets. his time, money is not just going to essentials, It is being spent on high-end luxury products.
Consumer spending, he states, is the main driver of economic growth and since 5% of the nation's wealthiest households account for about 37% of consumer spending, this is a hopeful sign that the economy is in recovery mode.
According to their research, once affluent consumers buy 64% go out of their way to tell their friends, family and colleagues how good the product is, while a shopping 74% say a good ad is worth talking about.
Reaching this audience is complicated by the fact that they are the least susceptible to simple advertising messages. As one who has dealt with high end manufacturing and retail for a couple of decades, this target audience is most likely to respond and interact when ingenious, unique ads arouse their curiosity. That means employing creative, interactive digital and mobile marketing focusing on the context of their passion.
Overall, Goldberg notes, the web is a superior channel for making a lasting impression because of the social component. While television provides a company :30 to :60 seconds to make an impression on a target, as does radio, the Internet does not have the same restraints. High-impact rich media provides opportunities for consumers to immerse themselves in a company's message without feeling too much like a blatant advertisement.
The 'how-to's' vary and are typically designed and tailored to the specific company and brand. Suffice to say, according to Goldberg, "By bringing valuable, interactive content to the people with the most money and influence, company's and brands can activate a chain of recommendation hat only consumers can create."
To the point, the Affluent Target Audience can be reached and reached with a high degree of success. Digital and mobile are the keys to unlocking this door for great profitability.
The consumers who have the money are out there ready and willing to spend. Do you want to take advantage of this right now?
We live in a new DNAge.
Lance Hanish is Chairman/CEO and Chief of Imagination at Sophis1234
Data.Digital.Direct. He can be reached at Lance@Sophis1234.com;
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