Marketers love segmenting target populations by demographic information and purchasing behaviors. Audience Measurement Group (AMG) released some early results of its research on Affluent Americans. Here are some important facts about this demographic:
- “Affluent” is defined as adults in households with $100,000 or more in annual household income.
- Even though they make up only 20% of American households, Affluents hold 70% of U.S. net worth.
- There are scales of Affluents — including Ultra Affluent ($250K in household income) and Wealthy ($500K in household income)
- The average age of Affluents is 46, and 39% of all of them are Boomers, but Gen Xers and Millenials make up more than half.
Affluents also happen to be a linguistically diverse group. According to the Mendelsohn Affluent Survey, nearly one-quarter of Affluents are “multicultural.” Hispanics, African-Americans, and Asians each make up 7% or more of the Affluent population.
The diversity of the Affluent market is perhaps even more surprising when it comes to language and national origin.
AMG found that nearly 1 in 10 Affluents were born outside of the United States, and a whopping 17% speak a language other than English at home. Of these, nearly half speak Spanish, but the rest are comprised of more than 20 languages.
So, even those retailers targeting Affluents just within the American market have a strong reason to incorporate website translation, mobile app translation, or document translation into their marketing plans. Translation can help luxury retailers and brands reach a much larger percentage of Affluents.
And, when you factor in Affluents in the rest of the world, companies providing luxury goods and services have an even greater reason to seek translation — to address opportunities in the global market. As the Wall Street Journal reports, there will be 280 million Affluents in China by 2020.
Take a look at this infographic, depicting high net worth individuals (HNWIs) around the world. Many of these individuals are avid travelers who do research online prior to their trips. Providing translated versions of a website can be an additional draw to lure tourists with fat wallets not only to the website, but into the stores once they arrive.