They are the new sweetheart for marketing brands due to their increasing inclination towards experiments and trying new things, backed up by a fat wallet. Be it food, fashion or electronics, a new emerging class of consumers, called the Wealthy Single Urbanites (WSUs), believes in living life king size. As per a Nielsen study, about one per cent of the 1.3 billion Indians make up this class and can be termed as super consumers.
WSUs generally fall in the age bracket of 28 to 45 years, have an income of INR 50,000 or above and prefer to live alone, with friends, or in live-in relationships. Since they have more disposable incomes, their consumption choices do not revolve around meeting functional needs but rather depend on their lifestyle considerations.
The study also says that this class of consumers is financially prudent and even with fewer responsibilities believes in investing some percentage of their salary. To see if the reflections of the study matched with people around us, we did a little research. Most of the people when asked what they would do after winning a substantial lottery, said they would park a decent amount somewhere and use the rest to travel, enhance their skills or buy enviable electronics. They claimed that they save about 15-25 % of their salaries.
Despite living away from homes, WSUs keep well-stocked kitchens and spend around 25 per cent of their monthly incomes on food and drinks. Respondents claimed that one can find their refrigerators replete with organic juices, milk products, dark chocolates, among others on a good day.
The study identified WSUs to be highly health-conscious with around 70 per cent of them having a gym or sports club membership.
This class of consumers is also digitally forward and avid buyers of electronic gadgets that help them stand out from the crowd. When asked about what has been their proudest but in the last six months, most people responded with Bluetooth speakers, new mobile phones, TV sets and others. The study identifies at least 25 per cent of the people as owners of air purifiers, that is a relatively new technology in India. Here are few other items that are popular among WSUs.
The Wealthy Single Urbanite believes in working hard and partying even harder. They are most willing to partake of the newest thrill and adventure and open to new experiments. This makes them a huge opportunity for marketing brands.