According to a new survey by iProspect. “The Affluent Male: What His Online Behavior Can Teach Luxury Brand Marketers,” there are 19 million affluent men on the internet, researching, shopping and spending at higher rates than ever before. iProspect defines an affluent male as being 18 years or older, with a household income of at least $100,000. 69 of the survey respondents had a HHI of $100K - $300K. 50% fell between the ages of 45 and 64.
The numbers tell a clear story, says the report. The affluent male has come into his own, researching, sharing, and buying products online. The impact on sales figures is driving luxury brands to invest in line extensions and targeted marketing campaigns designed to reach this audience.
Seven out of 10 affluent males report seeing ads on a PC, while roughly one in three reports seeing ads on mobile devices. More importantly, a majority of affluent males are willing to engage with banner ads at least some of the time. Based on the survey respondents, the affluent male wants to see ads that are simple and to the point. He also has a preference for video and interactive ads, both of which are a great fit for highly visual luxury brands.
Search ads are an effective, relevant tool for capturing actively engaged affluent males, mostly from PCs, but mobile search is on the rise. The affluent male is not only searching via a variety of devices, but on a variety of web properties including a wide range of search engines.
When the survey respondents were asked to name their favorite luxury brands, responses included many of the best-known global brands. The affluent males cited quality, style, and fun as their top three reasons for selecting their favorite brands.
When asked to name the online advertisers they liked most, the affluent males named a broader range of brands, some of them from outside the luxury category. Brands like Apple, MSN, and Amazon were among the top 15.
Baby boomers are the largest consumer group in America:
The Baby Boomer demographic continues to control 70% of the total net worth of American households, seven trillion of wealth, and have more discretionary wealth in their empty nester years than any other age group.
More demographic data from the report includes this information about affluent males:
Nearly 100% of the affluent males surveyed shop online and 27% of the group make purchases on a weekly basis. These results run contrary to traditional assumptions about males being less engaged in online shopping than females. Putting this common misconception aside opens additional possibilities for brand marketers, says the report.
The high market penetration of smart phones and tablets means that online shoppers have many different ways to access and engage with their favorite brands.
Summary of Key Findings and conclusion:
The affluent male is very connected Engagement with these devices is high across the board. Among those who own devices, almost 100% of survey respondents report using their PCs and mobile smartphones at least daily. Tablet usage is on the rise with 85% of respondents reporting daily use.
The affluent male lives on all his devices. Your brand needs to live there, too.
The relationship between brand and customer is not linear; it is a complex collection of integrated touch points made on multiple devices and via multiple channels. To increase brand awareness and build loyal brand/customer relationships, marketers need to provide an integrated brand experience across all devices, opines the report.
For more information including the complete report in PDF format, please visit iProspect here.