The Generation Gaps When Communicating with Millionaires: Part 2
This Insights brief, The Generation Gaps When Communicating with Millionaires: Part 2, builds upon the prior two briefs and completes our Millionaire Trilogy, delivering current insights about a topic that continues to be of great interest to those who market to affluent Americans. The trilogy focuses on America’s wealthy consumers and how they compare with average Americans in the way they spend their leisure time and in their key attitudes about how they live their lives. The wealthy, America’s millionaires with personal liquid assets of $1 million or more, differ from the average American, as marketers of luxury, affluence, and wealth services should expect; and they differ from each other as well, especially when you look at them across generations.
Where and how brands market themselves to the wealthy is a critical issue for marketers and media alike, especially since the wealthy are major drivers of the economy. This brief brings into focus some important differences about how and where the wealthy spend their leisure time and indicates areas where brands may have the opportunity to get in front of them. It points out differences not only between the wealthy and the general population, but also among the different generations of wealthy adults.
When marketers think about how to reach and potentially communicate their messages to millionaires in ways beyond traditional and digital media channels, they realize that the “idle rich” really aren’t that idle. Indeed, millionaires are involved with many sports activities — tennis leads the way — that offer sponsorship opportunities and provide marketers with occasions for meeting with their clients and prospects. When viewed by generations, golf ranks number one among Gen-Xers, while jogging/running takes first place with Millennials, and fitness workouts are in the lead with Boomers. Overall, though, the three generations choose tennis (as noted before) and swimming as their current sports favorites, and this doesn’t bode well long term, we believe, for the golf industry.
When it comes to millionaires’ leisure and cultural pastimes, there are many pursuits that attract them, with movie theaters ranking the highest; and, as further good news for Hollywood, Millennials also rank movie theaters as their top choice. Boomers, on the other hand, opt for museums as their number one choice. And lifestyle differences kick in among Gen-Xers, as fashion/trunk shows and auto races vie for the lead.
Going beyond sporting and cultural activities and looking into millionaires’ psychographic profiles, despite the old adage “Money doesn’t buy happiness,” millionaires report they are a happier lot than the average American adult. As such, the wealthy are more engaged in keeping up with business-related news and consider themselves more physically fit, and that same confident attitude continues as their friends and family come to them for advice considerably more than to the average American. This is further seen in their buying habits, especially among millionaire Millennials, who are more likely to make their purchases based on quality rather than price.
The rich, a.k.a. millionaires, are indeed a different breed — different not only from those with fewer financial resources, but also from one another generationally… and marketers who ignore these differences do so at their own peril.
This Insights brief focuses on the following topics about all adults and the millionaire generations:
- Twenty-seven sports activities they plan to participate in during the next twelve months
- Forty-seven leisure and cultural activities they plan to pursue during the next twelve months
- Their points of view regarding sixteen life-style attitudinal statements
Additional insights about the generations based on their personal liquid assets are available to Shullman Pulse subscribers.
To obtain a copy of this Insights brief, please click below. For those interested in obtaining a copy of all three briefs that constitute our Millionaire Trilogy, please click here.