A recent study by the Luxury Institute in New York measured the media consumption of wealthy individuals ages 35 and younger. Overall, consumption via mobile – smartphones and tablets – is up, and consumption via traditional media – television, radio, and print newspaper – is low in comparison with older generations.
The most popular form of media consumption among this demographic is online video, watched by 78% of respondents. Printed magazines followed closely (76%), with newspaper lagging behind (68%). However, eMarketer presents data from The Affluence Collaborative showing that overall (among all age groups), affluent internet users are still big fans of print media.
Other highlights from the Luxury Institute study:
- Mobile is prevalent – 77% of affluents age 35 and younger own smartphones (40% iPhone, 24% BlackBerry) and 23% have an Apple iPad
- Affluent millennials spend 100 minutes per week watching online videos and 227 minutes watching DVR playback; combined, this is higher than the 289 minutes they spend watching live television
- They listen to internet radio an average of 75 minutes per week vs. 150 minutes per week for terrestrial radio
According to Milton Pedraza, CEO of the Luxury Institute, “This is clearly a tipping point, with the rising generation of wealthy consumers consuming media in vastly different ways than anyone did just a decade ago.” He goes on to state that “Luxury firms face a challenge to adapt accordingly but also a tremendous opportunity to engage younger customers,” via this demographic’s constant presence and content creation through blogging, posting video, and online social networking.