In survey after survey of business executives conducted by Unity Marketing, when they are asked their biggest challenge to growth, inevitably the question of how to find new customers rises to the top as their most pressing concern. The answer for home furnishings marketers is here: It’s the HENRYs — high-earners-not-rich-yet consumers — especially the young HENRYs, aged 24-44 years.
HENRYs with incomes from $100k-$249.9k, are doing better than almost 80% of all U.S. households. Their spending power is huge, upward of $5 trillion in the U.S. economy. And while the HENRYs are not doing as well as the Ultra-affluents, incomes $250k+, there are 27 million U.S. HENRY households, as compared with 3.7 million Ultras. And their numbers are growing as more Millennials and trailing edge GenXers grow into affluence.
This white paper, originally delivered at the New York International Carpet Show (NYICS), explains why the HENRYs are home furnishings marketers best customer prospect, now and in the future, and three key trends that are shaping their needs and desires as they decorate their homes.