Young affluent consumers (defined by $100K minimum household income) are a priority for financial institutions. However, as a cross section of Gen X (ages 43-50), Millennials (34-42) and trailing Millennials (25-33), this group can be hard for FIs to understand, particularly when it comes to marketing communication preferences.
But our research makes several key observations about marketing credit cards to the young affluent segment:
- Email is the preferred media channel for young affluents to learn about new products.
- Reviews, trustworthiness and data security are essential considerations.
- Consumers most want to know about rewards and fees.
- When a product catches their interest, young affluents are nearly equally likely to respond via QR code or hyperlink.
These findings are included in our Credit Card Marketing Survey: Attitudes of Young Affluent Consumers (2023). Media Logic conducted the research through Consumer In Sight (CIS), our investigative series that aims to gain new insights into consumer preferences and behaviors in the healthcare and financial services industries.
For the survey, we explored young affluent Americans’ preferences and generational differences regarding the appeal of creative messages and photo subjects in credit card communications. Respondents were questioned on their preferences related both outside and within the context of representational copy and photographs.
The results are intended to inform the communications used in marketing credit cards to young affluent consumers who are growing both wealth and credit use. For example, data shows that to improve resonance with young affluents, it is important for FIs to understand how these consumers want to be seen and what they value in marketing communications:
- Trailing Millennials and Millennials relate to messaging reflecting their personal financial achievement and status.
- Gen X says recognition of personal financial status achievement is less important than information about earning tangible benefits like rewards.
To learn more about what to prioritize when marketing credit cards to young affluent consumers, view the full report.