NEW YORK, NY--(Marketwired - May 22, 2014) - The independent and objective New York-based Luxury Institute surveyed consumers 21 and older from U.S. households with annual income of at least $150,000 about the types of media that they consume and the time they spend on each.
Members of the Millennial generation between the ages of 21 and 34 are the most likely (85%) to spend time using social media, and the most frequent users (3.4 hours per week) of sites like Facebook and Twitter. Inclination to use social media drops to 73% for Generation X (35 to 49-year olds) and 60% for Baby Boomers age 50 and up.
Online radio is nearly as effective as social media in reaching Millennials. Two-thirds of wealthy consumers between 21 and 34 listen to music on sites like Pandora and Spotify for 3.28 hours per week on average. Just 41% of Baby Boomers listen to online radio, but 53% do watch videos online, a popular behavior among both Millennials (82%) and Generation X (65%).
Where Baby Boomers really make their mark is in the time spent watching television and reading printed publications. On average, Millennials watch 4.15 hours of live television weekly, compared to the 7.04 hours spent by Baby Boomers. About 70% of all age groups are DVR television viewers, each setting aside about 4 hours per week to watch recorded programs.
Baby Boomers devote 2.87 hours per week to reading newspapers and magazines, an activity enjoyed by 80% of Millennials, but they only spend 1.12 hours with printed periodicals. Gen Xers are in between, dedicating 1.58 hours to reading magazines and newspapers on a weekly basis.
"Even though technology is constantly evolving, older generations are still keeping pace, though they do have habits that prevail. While averages are important, they don't tell the entire story," says Luxury Institute CEO Milton Pedraza. "Marketers need to go beyond stereotypes and propensities, and start doing real one-to-one marketing now. The data and analytical firepower are there to build relationships, and wealthy consumers, especially Millennials, demand it."
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