Affluent Adult Market Grew 21% in Past 18 Months

Affluent Adult Market Grew 21% in Past 18 Months

Interep recently released a report entitled "Reaching the Affluent Consumer" that profiles the 31.6 million affluent adults - 16% of the population - who live in households with annual incomes of $100,000 or more. Despite troubles with the economy, the number of affluent adults increased from 26 million in 2000, or 13% of the population. Furthering this trend, in 1997, affluent adults comprised only 9% of the population.

Recent growth in the number of affluent adults has enhanced their already importance status, and has also changed the composition of the market, says Interep’s Michele Skettino. She added, "The number of minorities and women living in $100,000 plus households continues to increase. This means that marketers will need to expand their approach to targeting affluent consumers in order to fully capitalize on all segments of the current affluent community."

The report concludes that:

  • Radio has emerged as one of the most effective media serving today’s affluent consumers. Not only do affluent consumers spend more time with radio than with any other medium, but it is also one of the few media with the ability to accompany affluent consumers throughout their busy days
  • at work, at home and in the car. Each week, radio reaches nearly 9 out of 10 affluent adults (89%). Moreover, a variety of radio formats offer a targeted concentration of listeners from $100,000+ households, spanning the diverse range of consumers that comprise the "new" affluent market.

    Percent Increase in Number of $100,000 plus Households Headed by the Following Persons 1991-2000
    77% - Total
    154% - African-American
    126% - Hispanic
    197% - FemaleHouseholders

    Source: U.S. Bureau of Census. RAB Factbook 2001-2002. Sales & Marketing Management, 2001 Survey Buying Power.

  • Next story loading loading..