Readership of magazines by heads of households earning more than $100,000 annually declined 16% over the past year according to the annual Ipsos Mendelsohn Affluent Survey. Magazine readership has been slipping for several years but the previous year was first time the decline was in double digits.
The same research indicated internet usage among the same group increased 12% during the past year and increased their purchases of e-readers and tablet computers. This group of consumers are obviously shifting to e-readers and mobile devices for their information. “The consumer is getting more and more comfortable with the alternative platforms”, stated Ipsos Mendelsohn president Bob Shullman, in article in Ad Age by Jeff Neff. He believes “affluents are simply getting their content in a different format. Not doing away with it.”
In contrast, television viewership among the affluent remained unchanged with 17.6 hours per week and internet time increased to an average of 25.3 hours per week.
The survey also indicated, surprisingly, that affluents age 18 to 34 were 13% more likely to be interested in TV ads than older affluents. In fact the younger group were more likely to be interested in every type of advertising except newspaper ads.
The affluent account for only 21% of the population but makes up 60% of household income and 70% of the wealth in the U.S. The affluent are more likely candidates for elective procedures. Are we communicating with them through channels that are most likely to reach them?