NEW YORK: Luxury brand owners seeking to engage affluent young consumers in the US should consider using a range of digital channels, a report has argued.
Specialist consultancy the Luxury Institute surveyed a sample of prosperous individuals under 35 years old, and found they were pursuing increasingly diverse media habits.
Exactly 70% of respondents possess a smartphone, with Apple's iPhone accounting for 40% of this total, and RIM's BlackBerry taking a 23% share.
In further demonstration that this audience generally contains a large number of early adopters, 23% of the panel have already purchased an iPad, Apple's pioneering tablet.
More broadly, 78% of these "wealthy Generation Y consumers" watch online video, measured against 76% regularly reading magazines, and 68% saying the same for newspapers.
Indeed, the combined 100 minutes spent viewing web video and 227 minutes playing back material recorded on a DVR per week exceeded the average 289 minutes allocated to linear TV.
Elsewhere, internet radio is slowly closing the gap on its terrestrial counterpart, as listeners devoted 75 minutes a week to the former medium, and 150 minutes to the latter.
"This is clearly a tipping point, with the rising generation of wealthy consumers consuming media in vastly different ways than anyone did just a decade ago," Milton Pedraza, ceo, the Luxury Institute, said.
"Luxury firms face a challenge to adapt accordingly but also a tremendous opportunity to engage younger customers."
Data sourced from the Luxury Institute; additional content by Warc staff