Wednesday, June 06, 2007
The following appeared in numerous sources nationwide. These kinds of studies always seem like the work of hustlers—does any Black advertising agency not have a copyrighted version of this information?
URBAN HUSTLERS EMERGE AS NEW SOUGHT AFTER TARGET; STUDY
Marketers looking to make a big splash with today’s urban consumer need to better understand what drives the group. And for this 20 million person segment that includes status, fame and fortune, according to a new study by Alloy Media + Marketing. Today’s urban consumers have shed their past geographic, inner city roots to include a whole new profile, which Alloy has coined “Urban Hustlers.” Some 39% of these consumers are white and another 39% live in suburban areas. The 18-to 34-year-old segment is defined as trendsetters who are largely driven by the need to succeed.
“They are not content,” said Tru Pettigrew, president of the Alloy Access, a division of Alloy Media + Marketing. “They are not satisfied. There is a constant need to get to the next level.”
The group, rooted in hip-hop and street culture, is really defined more by psychographic standards than by their demographics. The segment “transcends race, ethnicity and geography,” Pettigrew said. “The mentality is their starting point is irrelevant.”
Urban Hustlers have a particular affinity for a range of products, including cars, high-end apparel and shoes, entertainment, cell phones and technology. They place a high premium on fashion and lifestyle and frequently use social networking sites to find and share information. And with an estimated $90 billion in spending power, that’s an important point for marketers.
“We need to understand what motivates them, their dreams and passions so you can craft your message to appeal to that mindset,” Pettigrew said. “This is a group that is willing to spend lot of money to help enhance their image or help them achieve image they are looking for.”
According to the study, Urban Hustlers spend 45% more on clothing, accessories and shoes than non-urban consumers, with annual spending reaching $17.4 billion. These consumers drop an average of $100 more than the general market, with overall discretionary spending reaching $383 each month.
And when it comes to leisure interests, the group goes all out. They drop $9 billion a year on recreational activities, the study found. “They are spending money using the luxury lifestyle to project an image for how they want people to receive them,” Pettigrew said. Respondents identified Bill Gates (22%) as the person they most admire over celebrities including P Diddy, Jennifer Lopez and Oprah Winfrey, the survey found. Alloy surveyed 1,386 people ages 12 to 34 for the study.