HENRY – high earners, not rich yet – describes consumers who are high earners but whose income is largely dedicated to covering their high costs of living. First coined to describe a segment of millennials, members of Gen X and Boomer generations are now categorized as HENRYs if their spending behavior is driven by aspirational lifestyles they hope to fully afford in the future.
The high costs of HENRY lifestyles are often a combination of elite education, residency in high-cost-of-living areas and aspirational purchasing behaviors. Even receiving incomes within the top 20%, this segment currently has few assets saved and invested. Described as the “working rich,” HENRYs emerged as a target for financial services and wealth management – classified as a prime opportunity for brands to become a part of these consumers’ upcoming luxury lifestyle. Sharing the broader millennial generation’s distrust of traditional financial institutions, HENRYs are interested in digital offerings that provide personalized and accessible data, real-time education, and automated advising strategies.
Interested in learning more about the unique behaviors of HENRY consumers? Download the full report here.
February 19, 2020 | Research