The American Affluence Research Center's (AARC's) recent survey uncovered an interesting item regarding the preferences of affluent women and gifts - guess what - they want cash instead of gifts. The AARC's president stated in an interview that "its like they (women) don't have confidence that their husband is going to pick the right kind of clothes for them," - while this may be one factor influencing the preference for cash (and we believe a very minor one at that) the desire for cash versus a gift goes much deeper than clothing for a women, it speaks to what often makes women and men very different in how they view wealth and its benefits.
Research tells us that the one group that carries the most financial clout among today's Affluentials as the early to mid Boomers. (Check out Exploring America's Richest Zips) Anyone who studies Boomer women knows that this group is spending a lot of time on travel (with a focus on edu-travel, soft adventure and self improvement), and they are in the "philanthropic phase" of their lives. Having succeeded in their career, they are now seeking ways and to give back.
We are currently involved in the development of several specialty women's health care programs. For one of the programs, I have personally done one-on-one interviews with affluent Boomer women and if there is one consistent theme running through our talks is the theme of giving back. In discussion after discussion, these women share stories about their good fortune - they have all that money can buy them, they don't need or want more stuff! In our particular project, we learned a lot about their desire to stay healthy so they can spend the remaining half of their lives in fulfilling and worthy work. A far cry from the self absorbed view that Madison Avenue and retailers often present to this segment of the women's market.
According to Ravi Dhar, the director of the Yale Center for Customer Insights, "Consumers are often looking for ways to justify their choices. So performing a charitable acts make one think, 'I am a good and helpful person.' That positive self-concept is enough to liberate one from the guilt and responsibility associated with choosing a luxury"...whether its guilt or desire to be a better person, the alignment with a Cause is critical to this discerning group of customers.
Another influencing trend that impacts the choice of cash over gifts is the social climate that surrounds women today. These female affluents look out across the landscape and see Melinda Gates and her Foundation and the good that is being done. They are introduced to Edun, the fair trade clothing company created by the wife of Bono, the consummate international, humanitarian rocker and the founder of the ONE movement. These celebrities are shining examples of the good that unselfish wealth can do.
So how do you apply this to marketing to affluent women - by not only adopting a Cause, but by truly walking the talk of the Cause. These women are seeking adventure and learning travel, they are not moving into "retirement" but "re-firement". Your job, as marketers is to give them an experience that touches their mind, their body AND their heart! So I challenge you to find a true Cause and not just beCause you think it will be good for your bottom line.
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