By Rieva Lesonsky
Are you trying to reach affluent consumers with your advertising? And are you wishing you had the budget to advertise on TV? Well, you need not worry. According to a recent survey of affluent Internet users from The Affluence Collaborative, reported by eMarketer, TV is far from the best way to reach affluent consumers.
So where will your advertising reach affluent consumers? Surprisingly, print media is still a big hit with the wealthy set. According to the study, more than 20 percent of those with incomes of $500,000 or above spent 11 or more hours per week reading newspapers. Among affluent individuals with incomes of $200,000 to $500,000, 9.1 percent spent 11 hours or more reading newspapers. Compare this to just 6 percent of the general population.
Magazines were also popular with affluent consumers. The same survey found that 22 percent of affluent internet users earning $500,000 or more read magazines for 11 or more hours per week, compared with 4.5percent of the general population. Slightly more than 7 percent of affluents with incomes of $200,000 to $500,000 said the same. Just 11.5 percent of affluents making over $500,000 said they “rarely or never” read magazines; by comparison, over 30percent of the general population said the same.
When it comes to television, the patterns reverse, with affluents much less likely to watch TV than the general population. Nearly 40 percent of the general population watched TV for 21 or more hours per week, compared with 21.5 percent of the highest-income respondents. More than 40 percent of affluents in both groups watch 10 or fewer hours of television a week, in comparison to 26.5 percent of the general population.
But one area where affluents’ consumption may be shifting is among affluent millenials (age 35 and under). Recent data from the Luxury Institute reported in eMarketer shows that this group is using digital media more than older affluents. Watching online video (78 percent) was more popular among affluent millennials than reading magazines (76 percent) or newspapers (68 percent).
What does this suggest for your ad campaign? If you’re targeting affluent customers, you need to segment further to focus on particular age groups. The good news is that print advertising and online advertising can both be affordable for a small business, enabling you to reach both audiences.
Image Courtesy Karen AxeltonGoogle+