Luxury Real Estate Marketing Tip: Meet the Henrys!
As a luxury real estate marketing professional you need to understand the Henrys. HENRY is the acronym for “High Earner, Not Rich Yet”. This level of affluent has an income of $100,000-249,999. What is of note is that the Henrys’ have increased their spending in the luxury sector, and they are probably the ones that have contributed to the uptick in home purchasing.
According to the Luxury Market Report by Unity Marketing, Henrys make up 80% of the affluent marketplace, which is equivalent to 21.3 million households in the United States, a significant number in the luxury market. Their resurgence as buyers of luxury goods is a positive sign for the economy. They are the spenders in the category referred to as “accessible luxury”. Brands in the accessible luxury pantheon include Coach, Ralph Lauren, Tiffany, Kate Spade, Vera Wang, Michael Kors, Tommy Bahama, Restoration Hardware, Ann Taylor, Banana Republic, and Williams Sonoma.
The mood of the Henrys is positive about the economy and optimistic about the future. They will spend on experiences such as travel, the highest luxury spending category, because they identify themselves with what they have done more than what they own. When they buy a home they want to hear the “story” of the home and the experience they will have living there. In selling a home to the Henrys, stay away from the sales pitch and emphasize the emotional experience they will derive from their new lifestyle.
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