Men aged 18 to 24 have always been considered an ideal audience to market to. However, the times have rapidly changed since that target audience was conceived, and new demographics have emerged that are important to be aware of.
People’s actions differ depending on their economic situations. During the current economic crises, people handle their money differently. With less money to spend, marketing efforts must be directed to a new type of consumer. I am going to cover three new demographics that are important to understand for effective marketing strategies.
The Newly Frugal Person – These people are comfortable financially and have not lost their jobs or their homes. However, with all the news of endless financial disasters and the overwhelming depressed mood of the country, they are smarter with their spending. Rather than making purchases without thought, the newly frugal person examines their purchases closely. They will be attracted to goods that offer significant value and quality, rather than a short-term thrill. The newly frugal person is attracted to long-term, stable investments and wants to increase their savings to counteract the depressed mood of the current economy.
The Newly Cash Rich Person – This demographic differs between ages. The older of the newly cash rich have pulled their money from their investments and now have it to put somewhere secure, such as investment in real estate. The younger of the newly cash rich are people who have recently graduated from college, and while they know they should be saving money for their future, they want to spend a little for their enjoyment.
The New Entrepreneurial Person – A natural consequence of a recession is that people lose their jobs. Of these newly laid off people, some become entrepreneurs and establish bank accounts for their business, second phone lines, inventory, and spend more time meeting potential business partners and clients.
By understanding these three new demographics and what they are looking for, it is much easier to effectively target them. Broad audiences such as “men aged 18 to 24” will no longer work when financial circumstances play such a large role in consumer’s actions.
