You would think that marketers would want to target the people with disposable income that can most easily afford your products. Instead of constantly targeted the people in society that hold more than 60% of all wealth, there remains an obsession with going after the youngest group of consumers.
That may have made sense in the old days of advertising. Grab ’em young and they’ll stay loyal to your brand for life.
That’s not happening any more.
In the past year, 73% of consumers say they’ve changed their brand loyalty. Before you say that was just a pandemic things, research also shows that three-quarters of US consumer say they plan to continue this type of shopping behavior post-pandemic.
By aiming the majority of advertising efforts at the people with the least available income, marketers continue to miss the largest potential buyers. This inforgraphic from Visual Capitalist sums it up nicely.
Listen to more podcasts from Stronger Content.