Too often we hear the words "blue collar" and "middle class" but what do these terms mean in today's society? Do you consider "middle class" persons wealthy? What if I told you that thre are 8.4 million middle-class millionaires in today's society. Middle-class millionaires, a segment of the population making between $1MM and $10MM, is the second fastest growing sector in the United States today (only to the "about-to-be-a-millionaire" families with a net worth between $500K and $1MM).
But who exactly are middle-class millionaires, outside of their financial status?
- Are driven individuals, working long hours
- Consider themselves simply "middle class"
- Are 50 percent more likely to say that they 'tell lots of other people about products or services' than the average middle class individual
- Are generally considered early adopters - among the firt people to try out a new product or service
- A populous growing at a rate of 15% every three (3) years
- Are reportedly consulted for advice on what to buy five (5) times more often than normal middle class persons
- A phenomenon deemed "the influence of affluence"
Why is this important to you as a sports marketer? During the next decade, there could be 15-20 million middle-class millionaire households in the United States alone - the majority of whom are baby boomers. This is great news for a sports industry that has seen continous increases in sponsorship spending, ticket prices, and player salaries.