Archive for February, 2014

For Affluent Millennials, Nothing Beats a Good Experience

Saturday, February 22nd, 2014

marketing to affluent millennialsDid you realize that more than a third of today’s millennials have been wealthy throughout their entire life? I didn’t until I read this article on MediaPost. Whereas their parents grew up playing with toy phones, these 20- and 30-somethings were issued actual mobile phones. Dressed in $100 “distressed” jeans and high-end accessories, they were shuttled to-and-from play dates in luxury rides.

Most affluent millennials create their own wealth and they make educated decisions in allocating it. They are confident spenders and quick to share opinions on their experiences via social media. They’ll pay for extra comfort during their frequent travels and make sure others benefit from firsthand critiques posted on TripAdvisor. In fact, the millennials I know won’t even step inside a restaurant until they Yelp it.

By our count, there are more than a half million millennials with a net worth over $500,000. Due in large part to a new business landscape that’s producing younger first-time millionaires, these fast risers and entrepreneurs are leading the increase in home prices in metro areas now attracting younger buyers.

As the luxury market demographic shifts from mature, traditional customers seeking ownership toward younger, event-driven consumers, marketing strategies must include the experience as part of package.

So a word to the wise: Keep affluent millennials engaged through digital, email and direct mail communications with messaging that promises a good, luxurious experience.

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