Have you heard about our new video series: The Millennial Minute? Twice a month, we will be answering your questions about marketing and selling to the millennial generation.
First of all the definition of affluence in this country is starting to evolve dramatically. When I was younger people aspired to have a certain kind of watch or own a certain kind of car. That’s all different.
This generation of consumers wants to take in everything life has to offer. By definition, there are over six million millennials in this country that have an annual household income of more than $100,000. The fastest growing group of people making $500,000 or more is millennials, 30-35 years old and they live in urban markets.
But, let’s peal the onion back a little bit.
Affluent millennials have the ability to trade up and trade down and they are trading up frequently to brands and categories that interest them. That’s everything from travel, to buying organic, to clothing, to other things that interest them that may not be affordable to every day millennial consumers.
Affluent millennials are also fueling an explosion of interest in luxury brands because they are more capable of sharing information with other groups.
They are early adopters. They get on a trend, they share with other generations who see how cool it is to be organic to be traveling to new spots and adding good.