Marketing to the Wealthy? Read this.
Consumers with over six figure incomes spend 22.1 hours a week online, up from 10.7 hours reported five years ago (2008 Mendelsohn Affluent Survey Results). The survey also revealed that these affluent consumers read print publications just as much as they [used to] about 15 per week, reported from Ad Age.
They listen less to the radio and spends far less time in front of televisions (18.6 hours vs. 23.7 hours in ’03). Affluent consumers tend to be more educated and allocate more discretionary spend to magazines than anyone else.
Other interesting facts:
- Across the population, television topped the Internet as a favored news source
- Daily online news use has increased by nearly a third since 2006
- Common users tend to be both young and affluent.
- Gen Y (born 1982-1994) maintain high levels of magazine consumption
- Favorite print publications among survey respondents included People, National Geographic, Sports Illustrated, Time, Newsweek and Southern Living.
- From 1997 to 2007, the number of magazines targeting affluent consumers grew from 90 to 456, a fivefold increase, Mediapost reported last year.
When you think about it, these results aren’t really that surprising. Folks have little time these days juggling family, career, schedules, etc. They need things they can count on and are easily accessible, and when they’ve got a few moments they want to sit down and read something that appeals to their lifestyle preferences and needs.
Magazines provide those small indulgences and have highly targeted content that appeals to their readers. The audience (much like email) has subscribed to receive “said” content. I myself have over 4 magazine subscriptions and they are non-work related – they are lifestyle and interest related. Not to mention, they are chalk full of advertising that is related to ME! Me, me, me. I don’t have to rifle through a newspaper to locate an article of interest because I’ve got an entire magazine and when I want to find out the news, I can quickly access it online.