“Henry” is the high-worth buyer to watch
November 6, 2018
A North American survey of more than 1,000 high-earning Millennials has turned up “Henry, the quintessential future home buyer that many home builders should be targetting,” according to real estate giant Engel & Völkers.
“Henry” stands for High Earners Not Rich Yet, and represents a niche demographic of Millennials and the youngest members of Generation X who have an annual household income of more than $100,000 and the greatest earning potential.
Among key findings is that these affluent buyers are slavishly reliant on social media and “influencers” to make purchase decision. Ninety-eight per cent of the Henry subset rely on social media or a review-based website when making a decision on a product or service provider, and 84 per cent said influencers have impacted their decision to buy.
The top three indicators of a luxury home or property as identified by Henrys are finishes (68 per cent), neighbourhood/location (64 per cent), and amenities (57 per cent). Price was a defining factor of luxury in less than half (47 per cent) of respondents.
“With Henrys poised to become the next generation of wealth, luxury brands must start planning as to how they will service this distinctive demographic,” said Anthony Hitt, president and CEO, Engel & Völkers Americas. “Henrys define luxury in terms of quality, and they make purchasing decisions based on brand reputation and word of mouth. As such, authenticity has never been more important.”