Secrets of the New Wealthy Customer
Paul McManus, president and CEO of The Leading Hotels of the World the other day used a phrase to describe a new affluent set we hadn’t heard thus far. He referred to YAWNS, who are “young, wealthy and normal.”
McManus says that research shows that this group, a.k.a. the “new wealthy consumer” tends to be married, happy and optimistic. “Seven out of 10 of them are from the middle class and have had their money for less than 10 years,” he reveals. What’s interesting about this group? They value bespoke goods alongside a $15 Karl Lagerfeld tee-shirt. YAWNS are “not about ostentatious wealth,” says McManus. Other factoids on this wealthy sector? McManus says that they want to go home and tell their friends what they learned on their vacation. Time is also a vital element, hence they want services that give them time and they want amenities that provide convenience.
Marshall Calder, senior vice president of marketing for LHW, meanwhile, shared his insight on two very different markets, Baby boomers and Gen Xers. “Baby boomers know what the Internet is but they don’t socialize on it,” says Calder. “They look information on it but are more apt to go home and watch TV and read a book. They have a history of buying brands.”
What’s the deal with Generation X, whose members are their peak spending years? “They are gregarious travelers, they enjoy multi-generational travel and travel with groups of friends. They are “e-telligent” and wired. They are brand conscious but not brand loyal. They are loyal to themselves, they want a certain design, they want technology. And they will keep searching for something until they find it,” says Calder.