RSS feed Get our RSS feed

News by Topic

BizReport : Social Marketing : May 03, 2013

Social media influences mass affluent consumers

Whether in the accumulating wealth life stage, about to retire, or retired, research has found that mass affluent consumers use, and are influenced by, social media.

by Helen Leggatt

Defined as those with investible assets of between $100k and $1M, mass affluent consumers are active social media users. Research by LinkedIn and Cogent Research found that almost 90% use social networks such as LinkedIn, Facebook and Twitter of which 44% are engaging with financial institutions.

What are mass affluent consumers using social media for? According to the study, conducted with 500 U.S.-based mass influentials, 36% use the channel for discovery (trends, accounts, companies, products) and for consideration (advice on which to evaluate decisions).

The information found on social media is influential. What mass affluent consumers learn on social media is acted upon by 63% - either opening accounts or purchasing a new products or policy, found the research.

"The research also shows that context matters when evaluating financial decisions, and the mass affluent are investing time on LinkedIn with the goal of getting something valuable in return," says Jennifer Grazel, Global Head of Category Development, Financial Services, at LinkedIn. "Conversation and content are key drivers of influence in financial decision-making on LinkedIn, and the study shows there is a higher degree of trust in financial information on LinkedIn than on other social platforms."

It's not just those in the wealth accumulating life stages that are using social media. While 50% of those in that stage of life are engaging with financial companies on social media audiences in later life stages are also doing so - 43% of those soon to retire and 38% of those who have already retired.

Tags: affluent consumers, financial services, LinkedIn, research, social media, trends

Subscribe to BizReport



Copyright © 1999- BizReport. All rights reserved.
Republication or redistribution of BizReport content is expressly prohibited without the prior written consent.
BizReport shall not be liable for any errors in the content, or for any actions taken in reliance thereon.