"Young." "Big spender." "Passionate." Marketers everywhere dream about the day they hear these words used to describe their consumer. Premium brands were recently introduced to such a consumer target: the young, urban male - better known as a "Yummy." "Yummies" have been talked about in several news articles (example here) and the interest in this target continues to grow.
According to HSBC "Yummies" are "driven by psychological and social trends whereby consumers prefer to display social status earlier on," they "get into the act of shopping" and they want "to show off his money via conspicuous consumption." All this led some to estimate that there will be a "9% increase in luxury brand spending over the next year." ( Source)
Missing from the conversation has been an estimate of the size of the Yummy market. We estimate that 36% of men 18-34 years old have these "Yummies" characteristics. And, we believe these characteristics are shared by a subset of men over 34 years old. In essence, we think the opportunity for premium brands is larger than anyone has identified.
Who are "Yummies?"
It appears that "Yummies" are a viable target for premium brands. Our data would suggest that these men:
Critically, these men pay more attention to advertising than the rest of their male counterparts, making any communication missteps especially costly. Choosing the right strategy and communicating it effectively are the only way premium brands are going to attract and retain this target.
Three strategies for attracting these men
Premium brands need to pay attention to these men. They represent an interesting and influential strategic opportunity. But attracting them requires insights to go beyond mere data and facts, no matter how advanced or sophisticated.
Insights in Marketing (IIM) is a research-based marketing consultancy that helps clients develop the most complete picture of their target audience. Contact us today to learn more!
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