Category: Uncategorized

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Who Are America’s Affluents, And What Are Their Top Spending Categories?

Some 67.5 million American adults lived in a household with annual income of at least $100,000 (“affluents”), a 5 million (or 8%) increase from last year, details Ipsos in its latest annual study of the affluent population. As such, 28% of the adult population can be classified as affluent, as can 23% of all US households. So who are these affluents?

While Millennials (18-32) comprise 22% share of affluents, roughly two-thirds of affluent Millennials qualify on the basis of their parents’ income rather than their own. (The definition of affluence is based on living in a household with annual income of at least $100,000, rather than personal income of that level.) The most highly represented generation is Boomers (50-68), who represent 38% of the affluent population. (For details on advertising to this prized segment, see the MarketingCharts Debrief, “Advertising to Baby Boomers: The Why and How.”)

The affluent and wealthy also are far more likely than the general adult population to have postgraduate coursework (study or degree), with 31% of affluent adults and 43% of the wealthy having at least 5 years of college, versus 10% of the adult population at-large.

Somewhat unsurprisingly, these high-income adults also tend to be in managerial and professional positions: 63% of affluent adults and 66% of wealthy adults hold these roles, compared to 23% of adults in general.

When it comes to race/ethnicity, the data indicates that the affluent and wealthy adult populations are less diverse than the population at-large:

84% of affluents and 83% of wealthy adults are white, compared to 79% of general population adults;
6% of affluents and 5% of the wealthy are black/African American, versus 12% of the adult population; and
8% of affluents and the wealthy are of Hispanic descent, compared to 15% of the general adult population.

Past-year affluent spending was greatest for the following categories:

Automotive – including the purchase price of vehicles and motorcycles, as well as auto maintenance and supplies ($398 billion in aggregate spending; 20% of total spend);
Personal insurance ($227B; 11% share);
Home & garden ($208B; 10% share);
Education expenses ($201B; 10% share); and
Groceries ($193B; 9% share).
While total spend on automotive, education, alcoholic beverages and groceries grew the fastest, those aggregate increases were driven more by the increase in affluent population size than to average spending per affluent, which decreased across most categories.Sales Coaching

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Success ain’t For Cry Babies

Here is another episode of BuzzBooster Tv. This week we invited business coach Robert Imbriale to discuss success, failure and why success ain’t for cry babies. This is episode 124

Check the Buzz and Biz app on Roku for more episodes.
Online watch past episodes here

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If You Have a Lot of Work to Do, Hope for Rain

ad weather is better than good weather at sustaining people’s attention and maintaining productivity, according to a study by Jooa Julia Lee of Harvard University, Francesca Gino of Harvard Business School, and Bradley R. Staats of the University of North Carolina. In a study of Japanese bank workers whose windows gave them a view of the weather, a 1-inch increase in daily rainfall was related to a1.3% decrease in worker completion time for data-entry tasks. When the weather is bad, workers are less distracted by thoughts of outdoor activities.

 

consumer behavior

SOURCE: Rainmakers: Why Bad Weather Means Good Productivity

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Hispanic Gen Xers Lead in Daily Tablet Usage

Hispanics are known to overindex in smartphone and tablet ownership. And while Hispanic millennials lead in smartphone content consumption, it’s the Gen Xers who are the most avid tablet users, with nearly two-thirds using such a device daily. It’s a different story among non-Hispanics, with those 60 and older dominating daily tablet activity, followed by Gen X users.

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Narcissists Can Be Manipulated into Caring About the Environment

Although narcissists tend not to care about the societal benefits of pro-environmental activities, their attitudes change if their “green” behaviors are likely to be seen and admired by others, say Iman Naderi of Fairfield University and David Strutton of the University of North Texas. For example, narcissists considered an environmentally friendly laptop computer to be more attractive when they were told it was for use in public, rather than at home (3.7 versus 2.7 on a seven-point scale). Narcissism may be on the rise in the U.S., the researchers say: A nationwide analysis shows that college students’ scores on the Narcissistic Personality Inventory rose steadily between 1982 and 2009.

SOURCE: Can normal narcissism be managed to promote green product purchases? Investigating a counterintuitive proposition

narcissist

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Should You Approach Your Audience When Giving a Talk? Maybe Not

People feel better about objects and people–whether positive, negative, or neutral–that are seen to be receding rather than approaching, says a team led by Christopher K. Hsee and Yanping Tu of the University of Chicago. For example, research participants viewed a neutral-looking person in a video more positively when he was walking backward away from the camera than when he was walking toward it (3.67 versus 2.70 on a seven-point scale). Approach aversion, which also applies to events in time, may have an evolutionary basis: Humans have developed a tendency to be on guard against stimuli that are approaching, the researchers say.

SOURCE: Approach Aversion: Negative Hedonic Reactions Toward Approaching Stimuli

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How the Lucky Get Luckier

In a study of online gamblers, those who had won several bets in a row were found to have a higherchance of winning their next bets, say Juimin Xu and Nigel Harvey of University College London. Losing streaks had the opposite effect, decreasing gamblers’ chances of winning the next bet. The apparent reason is that after winning, gamblers tended to place safer bets, believing (falsely) that they were “due” to lose; losers believed they were due to win and placed riskier bets. The effect was to create good luck for the already lucky and bad luck for the unlucky.

lucky

SOURCE: A Self-Fulfilling Fallacy?

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Your level of trust is part of your personal branding.

The more you increase your level of trust the more business you get and the stronger your personal branding becomes.

When marketing online there is a lot more you can do other than testimonials to increase credibility.

Here are a few suggestions:

You want to show people a glimpse of your life, your values, things that are important to you and who you associate with.

1.Add photos of you with celebrities you’ve met in the past. They don’t need to be big celebrities, they can be local celebrities.

2.Add pictures of events you attended. Can be local networking, seminars etc

3. People in your company, their faces, maybe them practicing their favorite sports, with their pets. Things that create an emotional connection

4. You with your family, on the road, doing things you love.

Remember, people do business with people and they don’t want the corporate feel, they want real people with real passions.

Part of a celebrity based branding is to give glimpses of things you value and that are important to you and a touch of silliness every now and then.

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Connected TV Ads Important for Future

Though close to half of US digital media buyers consider connected TV ads when planning an online video campaign, a lack of knowledge around how to purchase such inventory appears to be holding many back. Still, nearly all media buyers plan to investigate connected TV video ad purchases in the future—and 75% will do so by next year.