There is constant chatter about millennials and whether they work hard or are hardly working. Put this debate aside and pay attention. Millennials are going to have a big impact on our economy. You cannot discount this particular group and their growing wealth, regardless of where your thinking falls on the spectrum of their work ethic. The number of wealthy millennials in the United States is increasing every year with millennials themselves making up nearly a quarter of affluent U.S. households. Where does their wealth come from - inheritances and early professional success in the technology industry.

Affluent millennials are a key consumer segment, one that you will be competing against other luxury brands for their attention. The way brands need to market to them in order to capture their attention is also changing. If you haven’t already, it’s time to start shifting your thinking and strategy. Luxury consumers are more valuable to marketers when they are younger as they spend 1.5 to 2 times more than older affluents on luxury goods and services.

How do you successfully do this? By learning everything you can about them and personalizing not only your messaging, but the whole customer experience. Here are some ways you can better understand and market to affluent millennials.

  • Start by identifying your top customers that fall into the millennial demographic. Affluent millennials, more so than other generations, show brand loyalty so luxury retailers should strive to understand this group and their spending habits.
  • Build on the information you already have by appending wealth, income, lifestyle and affinity information to these individuals. What interests or attributes do they have in common? Do an overwhelming number reside in one area of the country? This information is key because it’s specific to your brand and your millennial buyers.
  • Once you know the characteristics of your top millennial buyers it’s time to find more just like them. Don’t try and go after all affluent millennials and hope your message resonates with some of them. Be smart and focus on the ones that most resemble your customers.
  • Finally, don’t disregard the power of taking immediate action.  Consumers are 22% more likely to consider a brand as a result of real-time marketing. Everyday people are engaging with your website. Identify affluent millennials are as they interact with your site so you can personalize their experience by showing specific products or offers.

These are just a few ways to get started so you aren’t missing out on opportunities with affluent millennials. Engage with and cultivate them now in order to build long-term brand loyalty and lifetime customers.

For more information download An Analytical Approach to Wealth Intelligence: How Luxury Brands Can Grow Market Share Using Predictive Analytics and Modeling.

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