Ipsos Mendelsohn, a national, independent research firm has released its annual study on affluence, the 2009 Mendelsohn Affluent Survey. What does this study’s conclusions mean to the Northern Michigan home market and how can businesses leverage this insight for 2010?
According to Mendelsohn, families who make more than $100,000 per year are considered Affluents. By Mendelsohn’s standards, a full 66% of Traverse, Northern Michigan’s Magazine’s subscriber base fits that description. And according to Mendelsohn, 41% of Affluents are planning to redecorate, remodel or renovate their homes.
Average annual expenditures for Affluents on their home were $10,677. Of that total, Affluents spent an average of $8,823 on home decorating and/or remodeling services.
The study pays special attention to Affluents who own two or more residences, citing that these families spent an average of $12,681 on total discretionary home-related expenses last year. (Meaning that these purchases were not repairs or other needed items.) Half the Traverse Magazine subscribers own second homes. That audience spent an average of more than $110 million on their homes last year.
Applying the Mendelsohn averages to Traverse Magazine subscribers, MyNorth Media estimates the total value of the audience at more than $172 million in home purchases, conservatively. By advertising in Northern Home & Cottage your ad is distributed beyond Traverse Magazine subscribers to a total circulation of 45,000, which increases the value of this opportunity even more.