New York, NY—HENRY, the acronym for High Earner Not Rich Yet—coined by market researcher Pamela Danziger—is a favorite target of marketers. But don’t make the mistake of thinking they’re all young consumers on the way to their peak affluence, writes Lena Bourgeois in a column for the Engage Affluent blog on Mediapost.com.
HENRYs aren’t a homogenous audience, she says. While high income can be an indicator future affluence, consumers’ savings and spending habits most likely will change as they mature. Given that the basic qualifier of a HENRY consumer is someone under age 55 earning over $100,000, that makes for a pretty broad age range—about 30 years.
Someone under age 30 spends very differently than someone age 50, so it’s critical to understand generational attitude differences. Even among similar age groups, there are vast differences between households with children and without, as well as other significant factors impacting how they spend for luxury goods.