“OH HENRY!” ~ Who remembers the vintage candy bar chock full of peanuts, caramel & fudge coated in chocolate!? ….I’m truly showing my age with that bit of trivia!! YUMMY!! … Today we talk of HENRYs in another way…. And North Fulton is chock full of them!! They could be your next door neighbor, or they could be the new executives moving here to N. Fulton’s “Silicon Valley of the South.” They (Henrys) come in all ages and they are astute home buyers! Read more on this topic from the “Institute for Luxury Home Marketing.” ~ Janet Weidmann
Have you met the HENRYs?
If not, let me introduce you. The HENRYs are High-Earners-Not-Yet-Rich households who represent an increasingly important consumer group with strong spending power today and the potential of becoming wealthy. Not defined by age or occupation, they are identified by income. HENRY’s represent a growing group of homebuyers who, in many cases, can afford high-end homes.
Defined as consumers with combined household incomes between $100,000 and $250,000, HENRYs come in all age groups (no, they are not all young). They are excellent prospects for luxury home purchases, beginning at the entry level of luxury and moving up. About 25 million U. S. households fall into this category. That’s about 20% of total households. More important, HENRYs make up about 90% of the affluent consumer market.
In almost any spending category, HENRY’s are the affluent top 20 percent account for about 40 percent of total consumer spending, as measured by the Bureau of Labor Statistics. While this group may not be buyers and sellers of homes in the double digit millions, they are often buying in the top 10% of the market.
Here are a few characteristics of HENRYs which Unity Marketing has identified:
- They appreciate a high level of service and want to work with pleasant people
- They respond to stories. What stories are you telling about your listings?
- They are executives and managers and they don’t leave their smarts at the office. They are careful buyers and their bragging rights come from making a good deal. So, think VALUE and remember that a good deal isn’t always lowest price.
- They buy premium products. Is your service premium or standard?
Original article posted: May 04, 2015 at 09:42 AM in Luxury Home Marketing Tips, Research & Statistics.