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Coupon clipping millionaires

March 12, 2005

A recent poll from Visa on the “New Affluent”
provides more evidence that old stereotypes are breaking down and that consumers no longer conform to predictable behaviors. This poll measured the attitudes of 7% of the US population who represent 15% of total spending. This group is primarily 35-54 with incomes of $125,000 plus.

The study found that while these Americans have a lot more money than the average person, their values and behaviors are very middle class. They reflect the desire to protect and hold on to the money they have worked so hard to have.

– 2/3rd’s shop at warehouse clubs and discount stores

– 34% say that they have hunted for bargains at garage sales in the past year

– 74% clip coupons

These people are almost embarrassed by their wealth and don’t want to flaunt it, they value honesty and integrity over social status.

An interesting group that have money, but want to be sold on value and authenticity, they look very much like Costco’s customers. They have money, but they are looking for value at every opportunity.

The theme of the breakdown of consumer stereotypes is echoed in a BBC Radio 4 program-The Consumer Evolution that examines the issue. It looks at why and how marketers are approaching the opportunities and challenges from a marketing communication and research perspective.

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