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'Abundantly Affluent' Fastest-Growing Segment of Population
US households with $100,000+ in income are the fastest-growing segment of the population according to US Census Bureau data, up from 19.7 million in 2005 to 22.2 million in 2006, an increase of nearly 13%, said Unity Marketing.
Between 2005 and 2006…
- Affluent households with incomes from $150,000 to $249,999 grew the fastest.
- The number of “abundantly affluent” households, those with incomes between $150,000 and $199,999, grew 17.9%.
- The “super-affluent” group (incomes between $200,000 and $249,999) grew 16.2%.
- The “ultra-affluent” (incomes $250,000 and above) rose 10.7%.
- The number of “comfortable affluent” households ($100,000-$149,999) grew 10.3%.
- Meanwhile, the number of households with incomes of less than $25,000 decreased 5.1%.
Increasingly Diverse Luxury Market
Findings from Unity Marketing’s Luxury Consumer Tracking Study:
- 13% of affluent households are headed by an ethnic minority.
- Fully 30% of affluent households are members of the GenXer and Millennial generations - introducing youthful tastes and attitudes to the luxury market.
- Some 5% of affluent households are led by a woman with no husband present.
“Given the growing numbers of affluents and the increasing diversity among that population, it is dangerous for marketers to take a ‘one-size-fits-all’ approach to marketing to these consumers,” said Pam Danziger, president of Unity Marketing. “Savvy luxury marketers need to account for differences in buying preferences and behavior among the increasingly diverse segments that make up the affluent population.”
