Meet HENRY. He’s one of the most popular, influential consumers around.
HENRY, an acronym originally coined by Fortune magazine writer Shawn Tully, stands for “High Earner, Not Rich Yet.” HENRY (or HENRIETTA, the female counterpart) is a professional under the age of 55, earning a household income of at least $100,000.
Ambitious and hard-working, HENRY and HENRIETTA are quickly becoming two of the biggest consumer targets on the market. Why?
1. They have an appetite for luxury goods and the disposable income to afford them
- HENRY and HENRIETTA are considerably more affluent than the average American. These consumers earn annual household incomes between $100,000 and $500,000, and they have a median household income of $177,000, falling well above the national average.
- With such spending power, luxury brands would have to be crazy not to market to these targets. While they may not have the established wealth and financial security of the older, super-affluent segments of this country, HENRY and HENRIETTA have an avid interest in keeping up with trends and indulging in luxury goods. They are heavily impacting the consumer goods industries, particularly the technology and retail world.
- They are 33% more likely than the average adult to report having a budget that allows them to buy expensive designer clothes. HENRIETTA, in particular, is a strong consumer for the fashion and luxury industries to target. She loves to keep up with the latest fashions, often looking to fashion magazines as a guide and buying new clothes every season in order to keep up with the trends. Shopping is a hobby, not a chore, for HENRIETTA.
2. They are driving trends and moving markets
- Not only are these targets actively consuming the latest fashions, they are also on the forefront of many of the latest health and environmentally conscious trends we see on the market today.
- HENRY and HENRIETTA are health-conscious consumers, always looking for new ways to introduce health and fitness into their busy lifestyles.
- HENRY is 24% more likely to use a mobile app or website to track his calories and exercise habits, and HENRIETTA is nearly 70% more likely to be among the first to try a new health food.
- HENRIETTA is also helping to drive the trend toward organic products, actively seeking and purchasing food, beauty and cleaning products that are marketed as natural and free of chemicals. She’s also 35% more likely to pay more for environmentally friendly products, which is great news for higher-end brands that are hopping onto this trend and using eco-conscious packaging and launching new lines of sustainable and/or reusable goods.
3. They are tech-savvy, avid social-media users
- Accessing social media from different devices, HENRY and HENRIETTA are dialed into social media platforms at a higher rate than the average American adult.
- They are 20% more likely to access Facebook, YouTube and Pinterest, 40% more likely to use Instagram, 50% more likely to be on Twitter, and more than twice as likely to be on LinkedIn compared to the average American.
- Social media has a huge impact on the shopping and purchasing behaviors of these targets. They use these sites to learn more about products and to share their own reviews and experiences.
- In fact, HENRIETTA is more than 50% more likely to purchase a product she sees advertised on social media and 80% more likely to purchase a product she sees used or recommended by friends on social media.
Luxury brands are quickly learning that this powerful target is key to growing brand popularity, increasing online buzz and driving trends.
These HENRYs and HENRIETTAs may not have amassed the same level of wealth that many high-end companies are used to seeing in their past clientele, but they are just as eager (if not more so) to spend their money on their luxury goods.
Here at Ideabar, we have learned firsthand how important these consumers are to our clients and have been able to successfully target them through custom research and subsequent media and creative strategies.
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