Credit Card Marketing Survey - Attitudes of Young Affluent Consumers

Credit Card
Marketing Survey:
Attitudes of Young
Affluent Consumers
2023

Credit Card Marketing Survey: Attitudes of Young Affluent
Consumers
2
Consumer In Sight (CIS) is an
investigative research series
conducted by Media Logic, with
the aim of gaining new insights
into consumer preferences and
behaviors in the healthcare and
financial services industries. Using
an industry-leading software
platform, we survey geo-targeted
and national panels to track the
changing marketing landscape and
support clients in connecting with
consumers through creative
execution and multichannel media.
This survey was conducted to gain insight into young affluent Americans’ preferences
and generational differences regarding the appeal of creative messages and photo
subjects in marketing communications on credit cards.
Respondents were questioned on their preferences both outside and within the
context of representational copy and photographs.
The results of this survey are intended to inform the development of marketing
communications to affluent consumers who are growing their wealth and credit debt,
e.g., Generation X (43-50 year olds), millennials (34-42 year olds) and trailing
millennials (25-33 year olds).
Media Logic Consumer In Sight: 2023 Young Affluent Credit Card Consumers

Q: If a financial institution had a new product to tell you about, through
which of the following ways are you open to hearing about it?
8%
9%
10%
10%
13%
14%
15%
22%
Postcard
Letter
Phone call
Online ad on mobile phone
Online ad in social media feed
Online ad on computer
Text/SMS
Email
37%of
respondents are
open to being
directly addressed
through email or
text/SMS from
any financial
institution about a
new product.
3
MEDIA PREFERENCE FOR PRODUCT INFORMATION — FROM ANY FINANCIAL INSTITUTION
Results are rounded to the nearest whole percent;
therefore, the cumulative sum may vary slightly from 100 percent.

Q: Of the [previous list], where do you think you’re most likely to pay
attention to a new product offering?
3%
4%
5%
10%
11%
14%
15%
38%
Postcard
Phone call
Letter
Text/SMS
Email
4
MEDIA INFLUENCE FOR PRODUCT INFORMATION — FROM ANY FINANCIAL INSTITUTION
therefore, the cumulative sum may vary slightly from 100 percent. Media Logic Consumer In Sight: 2023 Young Affluent Credit Card Consumers

7%
9%
10%
12%
12%
13%
15%
20%
Postcard
Letter
Phone call
Text/SMS
Email
35%of
respondents are
open to being
directly addressed
through email or
text/SMS from
their financial
institution about a
new product.
Q: Regarding a financial institution you already do business with, through
which of the following ways are you open to hearing about a new product?
5
MEDIA PREFERENCE FOR PRODUCT INFORMATION — FROM OWN FINANCIAL INSTITUTION

3%
6%
7%
8%
10%
12%
13%
41%
Postcard
Phone call
Letter
Text/SMS
Email
Q: Where do you think you're most likely to pay attention to a new product
offering from a financial institution with which you already do business?
6
MEDIA INFLUENCE FOR PRODUCT INFORMATION — FROM OWN FINANCIAL INSTITUTION

10%
11%
12%
17%
17%
19%
Link to a PowerPoint presentation
Link to an online e-book (downloadable)
Link to a video
Letter with a QR code leading to deeper online content
Link to a website with more content
Email with QR code leading to deeper online content
Q: Imagine that there is additional information regarding this new product;
which of the following ways to access more/deeper information/content do
you prefer?
7
SHOPPING BEHAVIOR
54%of
young affluent
respondents are
amenable to
multichannel CTAs
to go to a website
for more product
information.

6%
1%
3%
3%
3%
0%
1%
5%
5%
3%
3%
5%
2%
2%
17%
18%
19%
17%
16%
7%
9%
32%
32%
32%
32%
31%
33%
30%
40%
44%
44%
44%
46%
57%
58%
Not at all important Slightly important Moderately important Very important Extremely important
Q: How important are the following attributes when it comes to considering a
financial institution that might have a new product for you?
8
BRAND CONSIDERATION INFLUENCERS
therefore, the cumulative sum may vary slightly from 100 percent.
Brand has a focus on products that are designed for more affluent customers
Brand tends to offer more premium products
Brand understands my desire for experiences and accumulation of goods
Brand is committed to and actively supports sustainability
Brand demonstrates and speaks to inclusivity
Brand is trustworthy and will keep my data secure and private
Brand reputation

2%
2%
3%
1%
1%
2%
0%
0%
5%
5%
7%
4%
3%
5%
3%
3%
15%
16%
16%
12%
12%
10%
8%
7%
37%
34%
32%
36%
35%
34%
31%
29%
41%
42%
43%
48%
49%
50%
58%
61%
Access to special travel and dining experiences
Customer service perks like a travel concierge and a reserved customer service number
Exlusive offers reserved for accomplished people like you
Digital delivery of account information — day-to-day management, etc.
A rewards program
A lower fee than similar products
Privacy of data and personal identity
Security of data and account
Not at all valuable Slightly valuable Moderately valuable Very valuable Extemely valuable
Q: In thinking about benefits or features from a product that might be
interesting to you, how valuable are the following attributes?
9
VALUE OF PRODUCT ATTRIBUTES

Q: In thinking about the kind of marketing you receive from financial
institutions, which best describes how/if you want them to acknowledge your
current financial success?
11%
42%
47%
I respond to communications that do not speak — either visually or in
copy — to my achievements and acknowledge my financial success.
I respond to communications that speak subtly — visually and in copy
— to my achievements and acknowledge my financial success.
I respond to communications that speak overtly — visually and in copy
— to my achievements and acknowledge my financial success.
10
MESSAGING PREFERENCE
89%of young affluent
respondents desire marketing
communications to nod to
their achievements and
financial success in some way.

0
5
10
15
20
25
30
35
40
45
50
Trailing Millenials (25-
33)
Millenials (34-42) Gen X
(43-50)
Financial achiever Status seeker Discerning shopper Rewards lover
Trailing millennials and millennials
resonate most with messaging
that recognizes their affinity for
financial achievement and status.
Both of those values resonate
somewhat less with Gen X
respondents. Gen X, however,
mostly resonates with messaging
that recognizes their financial
achievement and addresses their
interest in rewards.
Q: Which messaging persona most resonates with you?
11
PREFERENCE ON MESSAGING ORIENTATION BY AGE GROUP

Q: Which photos resonate with you? Pick all that apply.
12
PHOTO PREFERENCE BY AGE GROUP — CROSS PANEL
Female Z — FZ Male Z — MZ
Female Y — FY Male Y — MY
Female X — FX Male X — MX

Q: Of the photos you previously selected, which one person resonates
with you the most?
13
PHOTO PREFERENCE BY AGE GROUP — CROSS PANEL
Female Z — FZ Male Z — MZ
Female Y — FY Male Y — MY
Female X — FX Male X — MX

PHOTO PREFERENCE — FEMALE RESPONDENTS
14
Trailing millennial females have a
notable resonance with females at
the next life stage, followed by
females of their own generation.
Millennial females have slightly
more resonance with females of a
younger generation, followed
equally by females of their own or
the next oldest generation.
Gen X females clearly have more
resonance with females of the
immediately younger generation.

PHOTO PREFERENCE — MALE RESPONDENTS
15
Trailing millennial males resonate
most with males of the next
generation (Gen Y) or their own.
Millennial males have slightly more
resonance with males of the
closely by males of their own or
the next oldest generation.
Gen X males have more resonance
with males of the immediately
closely by the youngest female
group (trailing millennial).

Q: Thinking about the kind of marketing you receive from financial institutions,
which best describes the kind of visuals they should consider to appeal to you?
0
10
20
30
40
50
60
70
Trailing Mill.
(25-33)
Millennial
(34-42)
Gen X
(43-50)
People my own age
People who are in the next life
stage for me
Mix of people my age in in my next
life stage
16
PREFERENCE ON AGE OF AD SUBJECTS
Mix of people my own age and
people in the next life stage for me

Q: In thinking about the kind of marketing you receive from financial institutions,
which best describes the kind of visuals they should consider to appeal to you?
Trailing Mill.
(25-33)
Millennial
(34-42)
Gen X
(43-50)
0
10
20
30
40
50
60
70
80
90
100
I want to see photos of people who are the
same ethnicity as me.
I want to see photos of people who are a
different ethnicity from me.
I want to see a mix of people of different
ethnicities.
17
PREFERENCE ON ETHNICITY OF AD SUBJECTS

Key Communication Takeaways
Our research indicated four key takeaways for effective communications to young
affluent credit card consumers:
 Channel preference: Email is the preferred media channel for hearing about new
product offerings from any financial institution. Experience with a financial institution
correlates with receptivity to text/SMS messages on a new product.
 Prerequisite considerations: Reviews, trustworthiness and data security are
essential considerations for consumers learning about a new product from a
financial institution.
 Key messaging: Rewards and fees are the attributes consumers most want to know
about from product offerings.
 Response preferences: If a product catches the respondents’ interest, they are
nearly equally likely to respond to a follow up email or letter with a QR code or link
to go online for more information.
18

Key Age Takeaways
To improve resonance with young affluent consumers, it is important to understand how
they want to be seen and what they value in marketing communications.
 Trailing millennials (25-33 year olds) and millennials (34-42 year olds): These
groups relate to messaging reflecting their personal financial achievement and status.
 Gen X (43-50 year olds): With maturation, recognition of personal financial status
achievement is less important, while earning more tangible benefits such as rewards
markedly increases.
 Overall: While young affluents want to be recognized for their personal achievements
and financial success, they seem to be less concerned with products that are exclusively
designed for them than having a good rewards and fee/rate structure in general.
19

Key Gender Takeaways
Age and gender affect how consumers react to hero images in marketing
communications:
 All respondents except Gen X males preferred images of their own gender.
 Female respondents show a stronger response to the age of subjects in marketing
communications.
 Trailing millennial females (25-33 years old) resonate relatively more with
photography of their immediate elders and peers and noticeably less so with the
more senior Gen X female image.
 Millennial females (34-42 years old) seem to be struggling a bit with their identity,
with less differentiation of resonance across the board. (This age cell had a smaller
incidence than either of the other age groups.)
20

Key Gender Takeaways (cont’d)
 Gen X females (43-50 years old), however, have distinct preference for an image of a
female at their just previous life stage.
 Male respondents behaved somewhat differently from the females. The
millennial group has the strongest positive reaction to seeing photos of men their
own age or younger. However, Gen X males resonate with images of millennial male
subjects and the youngest (trailing millennial) women.
 All respondents consistently prefer to see a mix of ethnicities, including their own,
in marketing communications.
21

Gender Distribution:
Male/Female 48%/51%
distribution
Screening Requirements:
Min HHI: 100K
Financial decision-making
responsibility: 51+%
Methodology
22
N=450 minimum
USA Recruitment
Age:
n25-33: 147
F: 93
M: 54
n34-42: 156
F: 27
M: 129
n43-50: 152
F: 96
M: 56
Confidence Level: 95%
Margin of Error: 8%
Note:
Photo testing was for response
to age only. Therefore, other
variables (such as ethnicity) were
eliminated so as not to confound
results.

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Proprietary and Confidential, © 2023 Media Logic. All Rights Reserved.
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Contact Information:
Nicole Johnson
Group Director
ph: 518-621-1600
e: njohnson@medialogic.com

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