the next generation
A conventional image forming for young adults under age 35, known as Gen Y, is that they are up to their ears in student debt, either unemployed or working at a job that doesn't use their expensive college degree, and delaying both marriage and owning a home thanks to the tough economic hand they've been dealt. However, there is one subset more likely to rise above this bleak portrait: those in households making more than $100,000 a year in annual income.
This report was created with strategic partner Digitas, which relied on data from the Mendelsohn Affluent Survey. Identified are five segments of affluent Gen Y households, two who are still living with their parents and accessing their assets, and three that have established their own households. Those still living at home spend far more than they make, while the heads of households are more frugal now, but are more likely to be true luxury consumers in over the next decade and beyond.
This report examines spending patterns, careers paths, media use and outlooks and attitudes.
Income inequality may be a political talking point in Washington D.C., but it's also a reality that marketers need to consider when they are positioning products aimed at upscale consumers. In the wake of the Great Recession, it's time to rethink how to market to the segment that drives nearly 50% of consumer spending. But just who is affluent today? And which group is on the path to the rich life? This Ad Age Insights white paper, based on studies and data from strategic partners Digitas and Ipsos Mendelsohn, identifies five tiers of affluent households and explains why true affluence isn't achieved until the $200,000 household income level. Two distinct groups are found at the $100,000-$199,999 household income level, one on the path to riches, and one that has fallen back into the middle class. Learn why career is one of the strongest indicators for attaining wealth, and how media habits change as consumers move up the tiers. This white paper includes 10 charts, available as downloadable Power Point slides.