The Generation Gaps When Communicating with Millionaires
This Insights brief, The Generation Gap When Communicating with Millionaires, builds upon last brief and delivers our current insights regarding a topic that continues to be noted very prominently in today’s pre-election news, America’s wealthy consumers and how they differ from the average American in the way they communicate with other consumers and how they view and hear marketers’ messages and advertising. The wealthy, America’s millionaires with personal liquid assets of $1 million or more differ, as luxury, affluence and wealth services marketers should expect, from the average American… and differ from each other as well, especially when you look at them across generations.
Where and how advertising resonates with 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 the most influential advertising platforms, not only between the wealthy and the general population, but also among the different generations of wealthy adults.
Notably, Facebook ranks higher than television among the forty-two platforms measured for advertising recall by all the wealthy in terms of reach — this, in contrast to the general public, where television rules. And, drilling down into the wealthy generations, Millennials are more likely to view ads on Facebook, YouTube, websites, Twitter, and in movie theaters than on television, while Gen-Xers are more exposed to Pinterest.
Taking this focus a step further, this brief also presents the engagement aspect of the top twenty among the forty-two platforms, and Twitter ranked first among all wealthy adults, followed by Facebook, YouTube, and ads inside stores and on smartphones. And, never short of surprises, wealthy Millennials were most engaged with ads seen in printed newspapers, inside stores, in shopping malls, on television, smartphones, and Facebook, and in e-mails. Indeed, in a positive sign for the traditional brick-and-mortar world, advertising inside stores also ranked highly for engagement among Gen-Xers and Boomers.
Finally, regarding how the wealthy communicate with each other, Facebook is on top (and that is also true for the general public), with e-mail, texting, and Twitter all highly ranked. Among the general population, conversing in person and by telephone still rank highly as ways of communicating, but only Boomers among the wealthy favor these traditional ways of being in touch with family and friends.
The following topics are highlighted in detail in this Insights brief:
- The forty-two platforms where advertising was seen or heard in past thirty days (reach)
- The wealthy’s interest (their engagement levels) in the advertising they have seen in the past thirty days on 42 advertising platforms
- The ranks of reach and engagement for specific advertising platforms
- The twenty-eight ways of the wealthy’s communicating with their families and friends
Additional insights about the generations based on their personal liquid assets are available to Shullman Pulse subscribers.