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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13 Comments on Luxury Real Estate Marketing Tip: Meet the Henrys!

JUN
12
2012
333,300 Points 12 Featured Posts Called Shot Master

Alexandra & Ron, what an intriguing description for a demographic.   We have lots of Henrys in Orange County; it describes most of my clients despite never having heard the term.   They tend to be financially astute, quick studies, highly mindful of value, and most often, a real pleasure personally and professionally.  Brian
10:55am • #1
599,503 Points 58 Featured Posts Outside Blog Called Shot Master

Hi Ron and Alexandra. I want to transition into the Luxury Home Market, and this Tip will be very useful for me. 21.3 Million is a large segment for potential business. I will certainly keep this mind.
11:14am • #2
1,470,488 Points 27 Featured Posts Outside Blog Called Shot Master

Great topic.  I re-blogged this.

Best wishes for continued success.

A Maryland grown dahlia...
11:41am • #3
598,435 Points 48 Featured Posts Outside Blog Called Shot Master

Henry has it all figured out.  Finding ones niche and working it equals success.
3:07pm • #4
482,370 Points 38 Featured Posts Outside Blog Called Shot Master

I'm all about the Henry's...definitely a strong niche that describes many. I didn't realize that they represented that large of the affluent market, but it does make sense. Great advice, regarding the sales pitch too. ( I have found Brian's assessment of working with this group to be true...)
4:38pm • #5
592,595 Points 32 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

interesting never think I have heard this reference about Henry, I think I may be a Henry!
6:30pm • #6
319,553 Points 17 Featured Posts Called Shot Master

A,

Great post. I always enjoy reading what you write. HENRYS are a huge part of the economy and I agree that they feel optimist about their futures.

6:50pm • #7

Are HENRYs uneducated?  It should be "not yet rich."
11:42pm • #8
JUN
13
2012
1,132,106 Points 74 Featured Posts

Ron/Alexandra, Part of our business is working with the Henry's of the world (although we didn't know them by that name) and they are excited about living their life in style...
2:19am • #9
1,119,235 Points 25 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Hi Ron & Alexandra, I've never heard of the acronym HENRY for “High Earner, Not Rich Yet”.  I can say that we do have a lot of Henry's here in Lewisburg, and I've written about a few of them.
7:22am • #10
751,980 Points 107 Featured Posts Outside Blog Called Shot Master

Hi Ron & Alexandra - Thanks for the very useful look into what makes up this demographic. The more we understand about what makes our market work and who are buyers and sellers are, the more effective we can be, and HENRYs (love the term!) are an important group in our client base.
7:56am • #11
920,651 Points 39 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

HENRYs must be shy since the majority of us hadn't heard of them :). That's a most interesting bit of real estate inside information, Alexandra. If and when our market comes back here, I'll use it.
11:35am • #12
JUN
14
2012
253,761 Points 17 Featured Posts Called Shot Master

For me, the key marketing tip you have provided here is the reminder that this group identifies themselves as by what they have done versus what they own.  We/I need to focus on selling the story and the experience.  Thank you. 
8:08am • #13


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Ron & Alexandra Seigel (Luxury Real Estate Marketing) (ra@napaconsultants.com) Rainmaker_large

Ron & Alexandra Seigel (Luxury Real Estate Marketing)

Carpinteria, CA

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ra@napaconsultants.com

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