New York, NY—The rich really are different. And it’s not that they just have more money, either. In addition to being materially different from mainstream consumers, affluent consumers also differ from each other in many ways, especially—and not surprisingly—by age.
One thing millionaires of all ages have in common is that they tend to be physically active, according to a recent article on the Engage:Affluent blog on MediaPost.com. So much for the “idle rich” of legend: sports are a passion for most millionaires, with tennis—not football—leading the way.
In the article, author Bob Shullman of Shullman Research says the sports activities favored by millionaires provide luxury marketers with significant opportunities for sponsorships and other means of meeting these customers face to face. By age, workouts are the leading sports fitness activity for Boomer millionaires. Gen-X millionaires (ages 36-53), prefer golf, and Millennials like jogging and running. Tennis and swimming are universally popular with all ages.
Outside the gym, movies are a favorite pastime for Millennial millionaires, while Gen-Xers like fashion/trunk shows and auto racing, and Boomer millionaires like visiting museums.
Shullman also busts another cliché: his research says money can buy happiness, because his study found millionaires reported themselves happier than their non-affluent counterparts. They’re also more confident, more likely to be asked for advice, and more informed on business news.