The Personality of the New Buyer
It is key as you bravely go into the new world of the new consumer that you continue to learn about your now and future buyers. While this doesn’t in itself address second-home buyers, there is good insight. Read on…
Market Niche: The New Affluent (Our NEO folk!)
At the REAL Trends' Gathering of Eagles, Jeremy Conaway spoke to attendees about a new group of buyers: the new affluent.
Who are they?
-They're 45 years old
-Most text, use social media, the mobile Web, and apps on their Smartphones.
-They have a median income of $198,000
-Most are college grads; half did some graduate work
-Most work 50 hours a week or more
-Regardless, family is their No. 1 priority. Most have children at home.
-Their careers are jobs; only 4% see them as a priority.
-Most will pay more if they like the product, but luxury is not a priority.
-Social status is no longer a dominant theme.
-Conspicuous consumption is looked down upon.
-Authenticity is the new prestige.
A brand doesn't have to be expensive to attract the new affluents. These customers look for value and pick from product to product. They might buy paper goods at Costco, meat at a boutique grocer and vegetables from a local farm co-op. They don't base their buying decisions on how expensive an item is or how cool it is. This group is more discretionary than boomers. They want a relationship from everyone with whom they do business. They don't buy to impress or for social status.
So, how do you reach them? You market to them as a lifestyle. Current players who do it right:
AT&T
Apple
Mountain Dew
Nike
The Weather Channel
Use your marketing program to demonstrate integrity, ethics and a sense of community. The younger your target audience, the more you have to line up community activity and that means more than just writing a check to a charity.
With the Boomers, they chose neighborhoods to impress friends and get rich. They weren't in neighborhoods for very long as they were always moving up.
The new affluents aren't like that. They celebrate neighborhoods. They're not buying their homes to get rich. Good thing, huh? They're not buying homes to impress. They're buying homes to raise families--it's a new look at neighborhoods. So, show them the functionality of the neighborhoods. Know your communities and the lifestyle they provide.