One-fifth of U.S. households, 24 million to be exact, holds approximately 60% of total U.S. household wealth and 70% of total U.S. consumer wealth. Defined by Ipsos Mendelsohn as the “affluents,” these 24 million households have an annualized income of $100,000 or more. This group is two times more likely to buy consumer products and services and when they do, they spend over three times as much as their less economically fortunate counterparts.
What makes affluents particularly intriguing is that despite the current economic uncertainty, research shows that they will likely spend significantly in a number of consumer categories in the next year. That’s why the IAB partnered with Ipsos Mendelsohn to conduct the first custom study of affluents and digital media. The primary objective was to develop initial insights about affluents and their attitudes, awareness and usage of digital media.
What we did not know when we began the work was that our study would be released close to the time other noteworthy studies and papers about the affluents. Clearly, we were onto something and uncovered quite a few gems in our findings.
Affluents embrace technology and digital media including advertising.
In response to a battery of questions about lifestyles and attitudes, affluents shared that in the last decade, their lives have become increasingly intertwined with technology (79%). This holds strongly across age groups within the affluent population including more that 70% of those 65 and older.