Traditionally, the marketing of luxury products and services has targeted older men, because they had the money. Things are changing. Not only are women being targeted more and more, but young rich single men are a growing market that is often neglected.
In their book, The Affluent Consumer, Michman and Mazze state that the singles market accounts for $600 billion in spending power. Of course, the number contains both male and female singles. Nevertheless, the number is impressive. According to Michman and Mazze, wealthy single men spend their money on dining out, alcohol, transportation, entertainment, tobacco, and retirement investments. They spend more on housing than any other segment of the wealthy, are educated, fashion conscious, and pursue their hobbies intently. They are more likely to indulge themselves than any other segment of the rich or ultra-rich.
Teasley, a Manhattan-based firm that specializes in data analysis to improve marketing, did a survey to find out where single, rich men live. The results were published by Cathryn Conroy under the title of Top 10 Cities to Find Rich, Single Men.
Here they are:
San Francisco Bay area, including Oakland and San Jose.
Washington D.C. and Baltimore, Maryland area.