As per Wikipedia: ( which of course is TRUE )
‘Mass affluent and emerging affluent are marketing terms used to refer to the high end of the mass market. It is most commonly used by the financial services industry to refer to individuals with US$100,000 to US$1,000,000 of liquid financial assets, although the exact definition varies. It is also used by marketers of consumer products to refer to consumers with an annual household income of about US$75,000 and up ( or in Westchester County $300 and up). Mass affluent consumers are an important target market for sellers of affordable luxuries.”
In more understandable terms, the Mass Affluent is the growing sector of the economy that watches their money although spends when they need or want to. They can afford extra perks, if they are enticed to pay more for a better experience.
- A ski resort offers a lift ticket and then a premium lift ticket for $15 more to let people buy for fresh tracks entry 1/2 hour before the lifts open. It’s a minimal cost for them and great return on the investment.
- IMG direct, online trading, ran a campaign to encourage clients to take a reasonable amount, that they weren’t saving currently, and deposit it into their trading account – $100 per month for four months – for a $50 payback incentive (credit in their account or a check sent).
In both these scenarios the concept of a marginal investment (perceived as acceptable) is done through the offering a betterment oto something they are already buying. Grow your business through giving back to your customers.
Now that you understand quickly the concept of the ‘Mass Affluent’ category and one approach marketing to them, analyze your business offerings for your affordable luxuries and market them!