With all of the focus on Millennials and Baby Boomers, marketers should also keep Generation X (born 1965-1980) top of mind – especially where Gen X households with high incomes are located. The map below shows geographies where marketers can likely find high income Gen Xers – much higher than the median estimated total income of $86,000 for all Gen X households – that might be receptive to advertising for premium products and services or as potential locations for new upscale stores. If you are marketing to Gen X, then you may want to make sure your brands and campaigns are reaching these communities.
Source: Income360®, Dec. 2017.
Total income may include income from salaries plus income generated from invested assets. Median total income represents the middle figure when the estimated total income of all Gen X households in the geography are ranked.
More Gen X Households with Credit Balances above $25,000
Whether it’s mortgages, student loans, family related expenses, or home improvements, a significant number – about 11% – of Gen X households have shifted from holding $0 to $25,000 in estimated outstanding credit balances to having balances over $25,000, compared to five years ago.
Percent of Gen X Households by Estimated Credit Balance Tier 2017 (change from 2012)
- $100,000+: 44.5% (↑3.4%)
- $25,000 – $100,000: 47.7% (↑7.6%)
- $0 – $25,000: 7.8% (↓11.0%)
Source: CreditStyles® Pro, Dec. 2012, Dec. 2017.
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With all of the focus on Millennials and Baby Boomers, financial marketers should also keep Generation X (born 1965-1980) top of mind – especially where Gen X households with high invested assets are located. As a whole, Gen X households control about 26% of all U.S. total invested assets, increasing their share by over 5% since 2012. If you are seeking to reach Gen Xers that might be in need of a broad array of financial products, then check the map below to find metro areas with high median assets for Gen X households.
Source: WealthComplete®, Dec. 2012, Dec. 2017.
Invested assets may include personal financial investments held in taxable, IRA, and Keogh accounts including deposits, investments, and annuities. Median invested assets represents the middle figure when the estimated invested assets of all Gen X households in the geography are ranked.
Shift to Higher Asset Tiers
Have Gen X households increased their invested assets in the last 5 years? At least some of them have. Over 6% of Gen X households have moved up into higher estimated asset tiers, which is almost double the rate of all U.S. households.
Percent of Gen X Households by Estimated Asset Tier in 2017 (change from 2012)
- $125,000+: 16.8% (↑5.1%)
- $25,000 – $125,000: 22.0% (↑1.0%)
- $0 – $25,000: 61.2% (↓6.1%)
Source: WealthComplete®, Dec. 2012, Dec. 2017.
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Millennials’ estimated median spending on discretionary items is $34,034, but some Millennials spend far more than that. If your brand is seeking to reach Millennials that spend significant sums on discretionary items… and that have the income to support it… then take a look at the likely profile of the below Millennial digital targeting segments that consumer marketers can reach via their online, mobile, addressable TV, and other digital campaigns.
Plus, explore other segments to connect with Millennials that are likely to have the potential interest in and financial capacity to spend on auto, credit card, hospitality, insurance and other financial products and services.
Source: Digital Targeting Segments, DS$™, Income360®, June 2017.
Discretionary spending represents what a household likely spends on discretionary items after accounting for the fixed expenses of life (e.g., rent, utilities, public transportation, personal insurance etc.).
Reaching High Spending Millennials Online
Where can you find Millennials likely to have high discretionary spending? To reach Millennials in the above three segments – or that are part of dozens of other consumer segments – in select geographies online, check out our Digital Targeting Segments.
Top Counties for High Spending Millennials
- New York County (Manhattan), NY
- Kings County (Brooklyn), NY
- Cook County, IL
- Los Angeles County, CA
Source: Digital Targeting Segments June 2017.
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Some Millennials likely learned investment basics from their parents and are apt to have already started funding their nest eggs. Meanwhile, other Millennials may be earning significant incomes, but have not yet focused on optimizing their finances for the future. Both of these groups can benefit from investment services and advice to help manage their short and long-term financial goals and expenses.
Let’s take a look at the likely profile of some high-potential Millennial digital targeting segments that financial marketers can reach via their online, mobile, addressable TV, and other digital campaigns.
Source: Digital Targeting Segments, DS$™, Income360®, WealthComplete®, June 2017.
Reaching High Potential Millennials Online
Where can you find Millennials likely to have high incomes and potential for investment growth? To reach Millennials in the above three segments – or that are part of dozens of other consumer segments – in select geographies online, check out our Digital Targeting Segments.
Top Counties for Millennials with High Incomes and Assets
- New York County (Manhattan), NY
- Cook County, IL
- Los Angeles County, CA
- Harris County, TX
Source: Digital Targeting Segments June 2017.
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The median estimated income for all U.S. households in 2017 is $77,337. This is a 6% ($4,308) increase over the median household income in 2014. How does the median household income in your state compare? Check the map below.
Households in Northeast and Mid-Atlantic states are the most likely to exceed the U.S. median, with median income over $90,000. West Virginia and Mississippi households fall into the lowest median income tier ($50,000-$60,000).
Source: Income360® June 2017. Estimated household income includes income from salaries and income from assets. Median household income represents the middle figure when the incomes of all households in a geography are ranked.
State Income Increases and Decreases
Which states gained the most in terms of median household income in the past three years?
Highest Percent and Dollar Growth in Median Household Income in Past 3 Years
- Connecticut ↑27% ↑$21,484
- Rhode Island ↑21% ↑$17,224
- Delaware ↑16% ↑$13,826
Source: Income360® June 2014 – June 2017.
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The median estimated assets for all U.S. households in 2017 is $53,625. This is a 38% ($14,642) increase over the median household assets as measured three years ago, in 2014. How do investment levels in your state compare? Check the map below.
Households in Northeast and Mid-Atlantic states are more likely to exceed the U.S. median. Meanwhile, many of the states in the Deep South, North Central and Northern Rockies are likely to have households with lower median assets.
Source: WealthComplete® June 2017. Median household assets represents the middle figure when the assets of all households in a geography are ranked.
State-Level Assets High and Lows
The disparity between states with the highest median assets and those with the lowest is noticeable. Which states comprise these groups?
States with Highest Median Household Assets
- New Jersey $171,723
- Connecticut $160,961
- Massachusetts $157,765
States with Lowest Median Household Assets
- Mississippi $2,206
- Arkansas $6,463
- Alabama $7,007
Source: WealthComplete® June 2017.
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Life is getting more expensive. Plus, population shifts across the U.S. are bringing new cash to many markets. Which regions have the highest estimated median discretionary spending per household? Which areas have seen the biggest growth in median discretionary spending in the last 3 years? Are your markets growing or shrinking?
Take a look and then contact us to find out more about the estimated discretionary spending of households in your target markets. Plus, use our spending-based digital targeting segments to better reach your most valuable customers and prospects.
Source: DS$™ June 2014-2017. Discretionary spending represents what a household likely spends on discretionary items after accounting for the fixed expenses of life (e.g., rent, utilities, public transportation, personal insurance, etc.).
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A few years back, we took a look at the distribution of discretionary spending across age tiers. Has spending by age changed? Let’s take a look.
The x-axis shows the number of U.S. households in each age tier. The size of the bubbles and the y-axis represent the estimated total discretionary spending of each age tier.
Baby Boomers remain the nation’s biggest spenders overall, but comparing discretionary spending in 2017 to 2012 shows that Age Tier 55-59 beat out Age Tier 50-54 as the group with the highest spending. Meanwhile, the 75+ Age Tier had the largest percent growth in total spending – almost 25% – adding about $80 billion in spending to the economy.
Contact us to evaluate how the discretionary spending of your target segments compare.
Source: DS$™ June 2017. Discretionary spending represents what a household likely spends on discretionary items after accounting for the fixed expenses of life (e.g., rent, utilities, public transportation, personal insurance, etc.).
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Does your state have high spenders or low spenders? Take a look at the table below to see which states have the highest concentration of households for the top tier of average estimated discretionary spending ($100K+)… and which states have the highest concentration of the lowest tier of estimated discretionary spending ($0-$10K). Did you notice that Washington D.C. falls into both categories? Contact us to learn how to reach households by their estimated discretionary spending in your target markets via digital channels, email and direct mail.
Source: DS$™ June 2017. Discretionary spending represents what a household likely spends on discretionary items after accounting for the fixed expenses of life (e.g., rent, utilities, public transportation, personal insurance, etc.).
Small Towns with High Spending
Which small towns have the highest median estimated discretionary spending? Which small towns have seen the largest percent growth in median estimated discretionary spending in the past three years?
Small Towns with Highest Median Estimated Discretionary Spending
- Summit Park, UT: $69,610
- Los Alamos, NM: $58,364
- Steamboat Springs, CO: $50,092
Small Towns with Highest 3 Year Percent Growth in Median Estimated Discretionary Spending
- Eagle Pass, TX: ↑47.2% to $25,551
- Portales, NM: ↑44.5% to $26,324
- Pecos, TX: ↑41.8% to $29,935
Source: DS$™, June 2017, CBSAs with between 10,000 and 50,000 people.
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The competition for new credit card customers remains fierce, and many customers have balances spread across multiple cards. How can credit card providers enhance their acquisition efforts and better reach customers likely to transfer balances? Let’s take a look at the profile of two credit card segments that digital marketers can target in their online campaigns to grow cardholders and balances.
Source: CreditStyles® Pro, Digital Targeting Segments, DS$™, Income360®, WealthComplete®, June 2017.
Where to Reach Select Credit Card Segments
Where can card providers most likely reach consumers that are likely to respond to credit card offers or be interested in transferring balances? To reach these and dozens of other consumer segments online, check out our Digital Targeting Segments.
Top Counties: Likely to Respond to Credit Card Offer
- Manassas Park City, VA
- Paulding County, GA
- Henry County, GA
Top Counties: Card Balance Transfer Candidate
- Presidio County, TX
- La Paz County, AZ
- Trinity County, CA
Source: Digital Targeting Segments, June 2017.
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