What you need to know

While their household income and investible assets are significantly higher than the general US population, emerging affluent and affluent consumers are still focused on financial concerns similar to others – fees, rewards and location. They have reached several financial goals that many households have yet to reach and own many financial products, so the opportunity for financial services providers is to build a trusted partnership with these adults, help consumers increase their knowledge and fine-tune their goals to help grow their wealth.

Key issues covered in this Report

  • The impact of COVID-19 on emerging affluent and affluent consumers and their finances

  • Factors influencing financial service provider choices for emerging and affluent households

  • Opinions on trusted sources of financial information for emerging and affluent consumers

  • Emerging and affluent attitudes toward financial advice and personal wealth

Definition

For the purposes of this Report, Mintel defines “emerging affluent” and “affluent” demographics covered within this report as:

  • Affluent and Emerging Affluent consumers are traditionally considered those with $100,000 to $1M in liquid financial assets, plus an annual household income of at least $75,000.

COVID-19: market context

This Report was written in late 2020. Consumer research was fielded in October 2020 and reflects consumer attitudes during the COVID-19 pandemic. 

The first COVID-19 case was confirmed in the US in January 2020. On March 11, the World Health Organization declared COVID-19 a global health pandemic, and on March 13, President Trump declared a national emergency in the US. 

Across the US, state-level stay-at-home orders rolled out throughout the months of March and April, and nonessential businesses and school districts across the nation closed or shifted to remote operations. At the time of writing, all 50 states have relaxed restrictions, allowing businesses to operate with varying levels of social distancing measures in place. However, a resurgence of COVID-19 infections has driven some states to slow down or reverse course on reopening plans. The availability of a COVID-19 vaccine is currently limited, but wider distribution is expected in the coming months.

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