Welcome to the marketing slice by Hurree, the show where the team at Hurree give you marketing insights, hints, and tips that will help you improve your results right now.
In today’s podcast, we’re discussing How to Maximise Millennial Marketing with Demographic Segmentation. We also have associated guides, videos, blogs, and infographics that can all be found at www.hurree.co.
What are HENRYs?
In demographic segmentation, the acronym HENRY means High Earning, Not Rich Yet. According to The Wise Marketer, a HENRY is “under 55 years old with an annual income between $100K and $250K, but that has not amassed investable assets of $1M”. Between 2012 and 2017, this segment of the population grew by 26%, meaning that roughly 36 million households fall into this category.
Given that 27% of HENRYs are millennials, this affluent subgroup is a highly powerful market to delve into. The U.S. Chamber of Commerce estimates that millennial HENRYs have a purchasing power of approximately $200 million directly, and $500 million indirectly through parental-spending influence.
To hack this demographic you will need to understand the following areas of marketing:
1. Mobile-first marketing
2. The power of personal branding
3. Creating an experience
4. Tackling social justice issues
5. Fostering brand loyalty
If you liked this podcast then you can subscribe for free via any podcast app or on Spotify. Feel free to share with a friend if you feel they might enjoy it! And don’t forget, you can find other resources like guides, videos, blogs and infographics over on our website at www.hurree.co. Thanks for listening!