“Meet the HENRYs: The Millennials that Matter Most for Luxury Brands” by Pamela N. Danziger is a great read for marketers looking to attract higher-income Millennials to their brands.
A high-earner-not-rich-yet – HENRY – is classified by Danziger as 26-year-olds who are earning more than 75-80% of their peers. That is about 1.2 million people, which are the demographic the author argues is the most important for retailers to focus on.
Danziger’s entire book shares how luxury brands can gain these important consumers.
Danziger focuses on why marketers need to grab HENRYs attention by appealing to their values. The first step is to understand them, followed by showing them your company has the same values.
In the book, Danziger shares six primary values:
1. Be inclusive but also individualized.
The example Danziger uses is the company Lovesac. Lovesac sells sectionals that start with two pieces and can be combined and configured in any way. The sectionals travel with the buyer from their studio apartment to their family home. Lovesac draws on the interest of having a one-of-a-kind piece for a reasonable price.
2. Consumers want to be self-expressive without seeming narcissistic or self-absorbed.
An example of this is watch brand TAG Heuer. Watches are around $2,000 and are focused on high performance. TAG Heuer’s tagline is “Don’t Crack Under Pressure.” For a HENRY, this purchase would be more about the performance and quality versus status (think: buying a Rolex).
3. Don’t be elitist.
Danziger uses Detroit brand Shinola as an example of this throughout the book. Shinola is famous for watches, bikes and leather goods that are made in Detroit. “… the Shinola brand [has] tapped into a new consumer market craving luxury in a brand-new style. Not elitist or exclusionary luxury, but an expression of luxury that is relevant to the younger generation’s eclecti...