50

AFFLUENT CONSUMERS

50.1 Profile
According to Spectrem Group (www.spectrem.com), the number of affluent
American households, based on net worth excluding the value of their primary
residence, has been as follows:
>$100,000

2005:
2006:
2007:
2008:
2009:
2010:

n/a
n/a
33.4 million
31.2 million
34.6 million
36.2 million

>$100,000

>$1 million

14.0 million
15.3 million
15.7 million
11.3 million
12.7 million
13.5 million

8.3 million
9.0 million
9.2 million
6.7 million
7.8 million
8.4 million

>$5 million

930,000
1.14 million
1.16 million
840,000
980,000
1.06 million

>$25 million

n/a
12,200
12,500
8,400
9,700
105,000

According to the 15th Annual World Wealth Report, published in 2011 by

Capgemini (www.capgemini.com), the North American population of high net-worth
individuals (HNWIs) has been as follows:
2007:
3.3 million
2008:
2.7 million
2009:
3.1 million
2010:
3.4 million

50.2 Population Centers of U.S. Affluence

According to Capgemini, the following metropolitan areas had the greatest
number of individuals with assets of $1 million and more in 2010 (change from 2009 in
parenthesis):
New York:
720,000 (7.9%)
Los Angeles:
256,500 (8.8%)
Chicago:
212,300 (7.1%)
Washington, D.C.:
164,400 (7.9%)
San Francisco:
147,400 (6.6%)
Boston:
109,800 (7.3%)
Philadelphia:
110,400 (6.0%)
Detroit:
92,100 (3.4%)
San Jose:
88,800 (2.7%)
Houston:
96,700 (9.6%)

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257

According to Phoenix Marketing International (www.phoenixmi.com), the number

of millionaire households in each state in 2010 and ratio of millionaire to total
households was as follows:
Total HH

Alabama:
Alaska:
Arizona:
Arkansas:
California:
Colorado:
Connecticut:
Delaware:
District of Columbia:
Florida:
Georgia:
Hawaii:
Idaho:
Illinois:
Indiana:
Iowa:
Kansas:
Kentucky:
Louisiana:
Maine:
Maryland:
Massachusetts:
Michigan:
Minnesota:
Mississippi:
Missouri:
Montana:
Nebraska:
Nevada:
New Hampshire:
New Jersey:
New Mexico:
New York:
North Carolina:
North Dakota:
Ohio:
Oklahoma:
Oregon:
Pennsylvania:
Rhode Island:

1,881,966
248,009
2,458,106
1,138,318
12,653,856
1,949,583
1,347,693
343,322
262,976
7,455,767
3,639,796
444,202
575,621
4,800,176
2,501,280
1,204,906
1,096,736
1,743,587
1,701,745
553,493
2,129,773
2,521,928
3,846,728
2,057,554
1,113,217
2,364,933
394,196
704,049
990,855
514,667
3,175,894
766,050
7,263,927
3,725,318
265,786
4,566,369
1,442,985
1,513,336
4,934,144
409,575

$1M M +

71,224
14,805
117,094
36,854
716,316
98,085
89,647
18,412
14,533
362,285
156,943
30,793
22,917
242,536
99,440
49,451
47,226
61,315
65,382
22,191
144,686
150,844
166,611
103,641
35,847
95,312
15,491
29,272
48,220
29,790
212,396
31,145
381,197
144,029
9,907
188,908
53,910
66,839
227,680
20,873

CONSUM ER BEHAVIOR 2012

258

Ratio

3.78%
5.97%
4.76%
3.24%
5.66%
5.03%
6.65%
5.36%
5.53%
4.86%
4.31%
6.93%
3.98%
5.05%
3.98%
4.10%
4.31%
3.52%
3.84%
4.01%
6.79%
5.98%
4.33%
5.04%
3.22%
4.03%
3.93%
4.16%
4.87%
5.79%
6.69%
4.07%
5.25%
3.87%
3.73%
4.14%
3.74%
4.42%
4.61%
5.10%

South Carolina:
South Dakota:
Tennessee:
Texas:
Utah:
Vermont:
Virginia:
Washington:
West Virginia:
Wisconsin:
Wyoming:

1,802,904
317,030
2,519,914
8,796,031
891,901
252,584
3,043,091
2,577,274
761,493
2,252,664
219,309

71,114
11,865
94,560
381,165
42,238
11,806
180,638
133,582
26,090
97,266
10,631

3.94%
3.74%
3.75%
4.33%
4.74%
4.67%
5.94%
5.18%
3.43%
4.32%
4.85%

50.3 Away-From-Home Activities

The following is an index comparing those with an income of $100,000 or more
with the general U.S. population for likelihood of a monthly visit to various venues
(index of 100 = likelihood of venue visits same as general population; source: Arbitron):
Health club:
205
Airport:
191
Stadium or arena:
176
Office building lobby:
163
Gas station:
155
Transportation, interior (bus, taxicab, train):
146
Coffeehouse or sandwich shop:
145
Shopping mall:
130
Fast food or casual dining restaurant:
129
Medical office (doctor, dentist, veterinarian):
119
Hospital or medical test facility:
118
Large retail or department store:
118
Movie theater:
110
Bar:
107
Grocery store:
102
Drug store:
97
Convenience store:
82

50.4 Use Of Media

In its Media Comparisons Study, The Nielsen Company provided the following
comparison of daily media use in 2010 by all adults to those with annual household
incomes of $100,000 or more:

Television:
Internet:
Radio:

$100,000+

All Adults

232.8 minutes
190.8 minutes
67.8 minutes

319.2 minutes
156.6 minutes
91.2 minutes

CONSUM ER BEHAVIOR 2012

259

Newspapers:
Magazines:

27.6 minutes
13.2 minutes

26.4 minutes
15.6 minutes

While they may spend less total time listening to radio than average, highincome earners listen in heavier concentration during morning and afternoon drive
times. In a 2010 study, International Demographics (www.themediaaudit.com) found
that 59.4% of those earning $150,000 or more in household income were listening to
radio between 5:00 a.m. and 10:00 a.m., compared to 46.4% for all U.S. adults; 55.6%
of adults who earn $150,000 or more in household income were listening to radio
during 3:00 p.m. and 7: 00 p.m. on a typical day, compared to 42.9% for all adults.

50.5 Internet Usage Among Affluent Consumers

Use Of The Internet In Higher-Income Households, a November 2010 study by
the Pew Internet & American Life Project (www.pewinternet.org), found that 95% of
Americans who live in households earning $75,000 or more a year use the Internet at
least occasionally, compared with 70% of those living in households earning less than
$75,000. And, 95% of higher-income households own some type of cellphone
compared with 83% in households with less income.
Affluent consumers use smartphones to access the Internet as follows (source:
The Affluence Collaborative, April 2011):

Every day:
Weekly:
Rarely:
Never:

$200k-$500k

>$500k

General Population

37.5%
19.2%
18.3%
23.0%

42.6%
18.5%
1.9%
37.0%

20.3%
11.4%
10.1%
58.2%

_________________________________________________________________

Affluent consumers are tapping into mobile

and online tools to support purchase decisions
more frequently than the general population,
research indicates. According to a survey
conducted by the Affluence Collaborative, the
majority of affluent Internet users who earn
more than $200,000 a year conduct product
research on a weekly basis.
eMarketer, 6/29/11
_________________________________________________________________

CONSUM ER BEHAVIOR 2012

260

According to an April 2011 survey by The Affluence Collaborative, affluent

consumers use the following social networks (percent of respondents):
$200k-$500k

Facebook:
MySpace:
LinkedIn:
Twitter:
Meetup:
ASmallWorld:
None of above:

68.0%
17.8%
42.3%
22.8%
6.0%
0.8%
22.5%

>$500k

General Population

72.0%
31.5%
40.5%
36.0%
13.5%
5.0%
19.0%

71.0%
24.5%
21.5%
14.0%
3.0%
0.5%
22.0%

Affluent consumers follow brands on social networks for the following reasons
(source: The Affluence Collaborative, April 2011):

To get deals and discounts:

Love the brand and wanted
to follow it:
To keep up with news about
the brand:
Noticed someone else
following the brand:
The social network
recommended it:
An ad led me to it:
Mentioned in an article:
Professional interest:
The tweets/posts are
entertaining:

$200k-$500k

>$500k

General Population

39.4%

29.0%

44.3%

39.7%

52.3%

36.9%

31.3%

34.8%

27.5%

22.2%

31.0%

18.8%

21.2%
25.9%
22.6%
18.9%

33.5%
31.0%
23.9%
15.5%

16.1%
14.8%
12.8%
10.7%

3.4%

7.7%

9.4%

_________________________________________________________________

Luxury marketers take note, according to

Affluence Collaborative, wealthy Internet users
connect with brands on social networks for
significantly different reasons than the general
population. The social networks they use to do
so are different, too.
eMarketer, 5/10/11
_________________________________________________________________

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261

50.6 Market Resources

15th Annual World Wealth Report, Capgemini, 2011.
(www.us.capgemini.com/services-and-solutions/by-industry/financial-services/solutions/
wealth/worldwealthreport/)
Luxury Institute, 115 East 57th Street, 11th Floor, New York, NY 10022. (646) 792-2669.
(www.luxuryinstitute.com)
Prince & Associates, 9 Sidecut Road, Redding, CT 06896. (203) 938-5557.
(www.russalanprince.com)
Spectrem Group, 641 West Lake Street, Suite 402, Chicago, IL 60661.
(312) 382-8284. (www.spectrem.com)
The Affluent Market Tracking Study #19, The American Affluence Research Center,
Spring 2011.
The American Affluence Research Center, P.O. Box 978, Alpharetta, GA 30009.
(770) 740-2200. (www.affluenceresearch.com)
Unity Marketing, 188 Cocalico Creek Road, Stevens, PA 17578. (717) 336-1600.
(www.unitymarketingonline.com)
Use Of The Internet In Higher-Income Households, Pew Internet & American Life
Project, November 2010.
Wealth Report, The Luxury Institute, September 2011.

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262

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