Warc, 7 July 2014
NEW YORK: Over half (52%) of "upscale" US Baby
Boomers plan to buy one or more luxury product or service over the next 12
months, a new report has shown.
According to the Shullman Research Center, this demographic
is defined as people with a personal net worth of over $1m or who live in households
with at least $250k annual income, Marketing Charts reported.
Representing roughly 9m of the total US population, upscale
Baby Boomers account for about 12% of all 75m Baby Boomers in the country, the
study said.
It revealed 30% of them intend to take a luxury holiday over
the coming year, compared to 8% of "mass market" Baby Boomers and 12%
of all US adults.
Other significant differences of purchase intention between
upscale Baby Boomers and the rest of the adult population include buying premium
beers (15% versus 9% of all adults) and buying premium cosmetics (18% versus 8%
of all adults).
Elsewhere, 27% of upscale Boomers plan to buy premium wines
(versus 7% of all adults), 10% intend to buy a premium liquor (versus 6%) and
9% plan to buy designer collection clothing or accessories (versus 3% of all
adults).
With these upscale Baby Boomers accounting for nearly a
quarter (23%) of total estimated net worth, marketers have been advised not to
neglect them by concentrating only on millennials, who account for 21% of total
net worth.
A separate study by Marketing Charts, "Advertising to
Baby Boomers: The Why and How", found Baby Boomers control 39% of total
discretionary spend in the US compared to just 21% among millennials.
Data sourced from Marketing Charts, Shullman Research
Center; additional content by Warc staff
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