You've heard the expression that a person is "time poor but cash rich." But what can marketers do with that type of information about consumers?
The Video Advertising Bureau (AKA theVAB.com) produced an infographic that includes statistics from a report that explores the behaviors and media consumption of those Americans with plenty of cash but little time.
The report shows that although affluent US adults are demographically different than those in other income brackets, they have similar values and life pressures regarding education, career, family, and time management.
One of the biggest differentiators is, of course, disposable income. A larger disposable income enables the affluent to simplify and enrich their lives. For example, they use credit cards and time-saving services more, and they own more new technologies than the average American. Few, however, consider themselves highly knowledgeable about new technology.
None of that should come as a surprise, but the idea of products and services that can help people simplify and enrich their lives may be appealing to affluent consumers and may be something marketers want to consider in their advertising efforts.
Specifically, affluent Americans spend more time with ad-supported TV than with YouTube and Facebook combined, and they spend 20% more time with ad-supported TV content online than the average adult.
You can find out more about the behavior and media consumption habits of affluent Americans in the graphic below:
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