Affluent consumers – those with net wealth between US$100,000 and US$1 million across the entire income spectrum – make up an important consumer group, but they are not fully understood nor effectively targeted by businesses. This is partly because businesses, when assessing the potential of a consumer market, usually focus on income (the distribution of it and the levels of income enjoyed by households and consumers), and overlook wealth which is also an important factor that impacts the purchase potential. The newly released briefing Affluent Consumers: Who Are They and How Best to Capture Them will provide important insights into affluent consumers in key country markets.
- Developed countries dominate the global affluent consumer segment, as they accounted for 85.1% of affluent adults globally in 2017. However, emerging and developing countries will see the number of affluent individuals triple between 2017 and 2030 to account for 29.3% of the global affluent consumer segment in 2030, up from 14.9% in 2017.
- The developed countries of USA, Japan, UK and France plus emerging China had a combined total of 222 million affluent consumers in 2017 – accounting for 57% of the global total number of affluent individuals.
- Not everyone with net wealth between US$100,000 and US$1 million has a high annual disposable income. Older people who are retired, but are mortgage-free as well as having accumulated assets, investments and savings; or young people with inherited wealth tend to be affluent but in receipt of relatively low income.
- To successfully market to affluent consumers, brands and marketers – regardless of which categories or industries they are in – need to focus on providing value, omnichannel ease and a high-end experience as well as innovating to embrace the healthy living trend. These strategic foci can help make brands stand out as the obvious and easy choice for affluent consumers.