A new study from DWELL Strategy + Research (yes, that DWELL) identifies a segment of consumers they are calling the "New Affluents." You could also think of them as "Affluent 2.0."
An article in Ad Age sums it up in this way:
Using 2009 Mendelsohn Affluent Survey psychographic data, and with the help of DJG Marketing, New York, Dwell identified a segment of nearly 9 million Americans who have household incomes of $100,000 or higher. They represent less than half of 1% of U.S. households, spend $303 billion annually on their favorite brands and have a whole new take on what it means to be wealthy.
According to the survey respondents, "luxury" brands, per se, are no longer important to them, or even relevant; neither is "overall social status," they say. This generation of nouveau riche is shunning "conspicuous consumption" in favor of brands that represent quality, aesthetics and authenticity [see DWELL's own fruit bowl manifesto]. These attributes, along with uniqueness, integrity, design and performance, represent today's "prestige" for these high-end consumers. And their emerging values and brand motivations make these consumers a more diverse group than one might assume.
A brand does not have to be expensive to attract New Affluents. What they're now demanding from brands is a new and different kind of relationship. And, as supported by these findings, the days of controlled, top-down brand marketing are over, especially for this sector. These wealthy and would-be elites are actually looking for brand interaction -- a dialogue -- based on integrity, authenticity and performance. And not only are they equipped for interaction, they're demanding it.
Interestingly not much is really new here. The attributes of uniqueness, integrity, design, performance, quality, and authenticity have long been hallmarks of luxury products and brands. Likewise, there have always been "understated" segments of the affluent who eschew conspicuous consumption and status signaling.
What is perhaps new and noteworthy is the extent to which technology and the "web 2.0" ethos factors in here. Take their parent's desire for luxury"brand experience" and "heritage" toss it into the web 2.0 mixer and out comes their desire for "engagement" and "authenticity," delivered consistently anywhere and everywhere that is accessible by internet and mobile device. Affluence 2.0.
Now this doesn't mean that you have to start trolling Twitter for clients, but recognize that your internet presence is important to these folks and they'll be expecting to see you engage them consistently and responsively with your uniqueness, integrity, professionalism, and EXPERTISE no matter what the channel.
