I recently came across some interesting research which if you are based in the UK you might find of interest.
Earlier this year, insurers Hiscox published the Hiscox Wealth Review for 2008 and identified that some 10% of the UK population, nearly 2.5 million households can now be identified as wealthy.The report states that:
An average 'Working Wealthy' household in Britain earns £88,000 (close to triple the average household income of £33,000), takes two foreign holidays a year and has over £20,000 worth of disposable annual income. Despite this over 90% of them do not consider themselves at all wealthy.
However, this population described as the 'Working Wealthy' say they would need to earn around £150,000 per household, have paid off their mortgage, own more than one property or a holiday home and send their children to private school before saying they are well off.
The report uncovers that:
- Four in ten go on more than one foreign holiday a year (38%)
- Almost a third own a luxury home entertainment system (29%)
- Almost a quarter have savings of more than £25,000 (23%)
- 15% own a piece of art work
- 14% own more than one property.
Here are the persona's for the 'Working Wealthy' as defined in the report:
The Home County Happies
- A wealthy mature professional couple in their 40s and 50s, living in a 4-bedroom house in the Home Counties
- They are likely to have more than two cars, go on more than two foreign holidays a year, and are interested in golf, arts and charity
- Often with a second home, their children will have expensive possessions, such as laptops, and they spend a lot on private education
- Women likely to shop in Waitrose; men most likely to own an Audi
The Shire Squires
- A wealthy professional living in a small village with his/her partner but commuting into a city for work
- Likely to be over 45, they live in a detached four-bedroom home in a small village, with two or more cars to help them with their hobbies of antiques, arts and nature
- They may have benefited from dramatic rises in the property market of the 90s
- They spend their money on home entertainment, household appliances, restaurants, hotels and clothes, in that order
- They lead a comfortable lifestyle
The Urbanite Professionals
- Often categorised as the 'late to start a family' earner, the young professional has a high income but won't necessarily think so, as they compare themselves to higher 'city-esque' earners
- Regularly drinking lattés, they can afford to indulge in expensive disposables, from fashion, wine, electronics to art
- They may also have benefited from an inheritance of antiques, art or jewellery, and are likely to go on annual ski-ing and/or diving holidays abroad
- Women shop in Whistles; men shop in Reiss
So if you are considering your target market for your products and services, consider how you might want to include the information from the Working Wealthy report to support you developing the persona's for your core clients, customers and patients - does it give you a better understanding of what motivates them to spend and what their priorities are?
Tags: Working Weathly Report, Hiscox Wealth Review, persona\'s, target market
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