You should try to sell to all different types of demographics, that is just wise. But not all demographics will buy what you sell. However, you can always sell to a specific demographic that will ensure that you have good demand through even the worst of times. In this post I will explain who the best people to sell to are and how they are the golden cogs to your business.
The Best People To Sell To
The best people you can sell to are the middle class. Before anyone from the lower or upper class attack me, hear me out. The middle class is a…strange demographic. And frankly no one knows who belongs in this demographic. My political science professor said he knows someone who makes $300,000 a year and considers himself middle class and we all know at least one person who makes around $20,000 a year who calls themselves “middle class.” But the interesting thing about the middle class is how dynamic it is. Many people are constantly entering and leaving the middle class.
Middle class is not so much a class as it is an ideal. The concept of the middle class is constantly changing. Many say it is worse off than before while others argue that it is better off than before.
What Will Not Change About The Middle Class
One of the things that will never change about the middle class is that it will always be around. Some believe that there are three, sometimes even just two socioeconomic classes. There are five classes in general that could be further divided. The best way to illustrate the concept of socioeconomic classes could be with stairs, which is what director Bong Joon-ho used in his acclaimed film Parasite. This is a great film that last I checked is available on Hulu, check it out. They do not pay me to say that, it is just a good film.
The idea is that stairs symbolize the climb up and down from socioeconomic classes. While many individuals dread this idea it is also part of a healthy economy. In the film Parasite, there is a working class family who live in a dirty semi-basement apartment with next to no amenities. They eventually work for a family who are well off. The film shows stairs almost all the time to show their feeling of climbing and lowering. In fact, there is one part where it shows that although the working class family do not like their current position they are in, they have hope of rising and fear of falling. I cannot really tell you much more than that without spoiling one of the most acclaimed films of 2019.
But the point is people can and do rise and fall in class. During the best of times working class can live similarly to the middle class, while during recessions the middle class may live similarly to the working class. While people tend to focus on the working class and the middle class since those two classes make up most people there is still the upper middle class that is relatively easily forgotten. During recessions the upper middle class may live more like the middle class.
Middle Class Consumer Goods Almost Always Have New Demand
In other words, if you are selling to the middle class, there will almost always be new demand for your products/services. Consider used cars during Covid-19. A few months ago people claimed that used car prices would significantly decrease. This was true for some time. However, recently used car prices have increased. What could have led to such a significant change?
Put quite simply, what did people expect? Used cars are very useful items in which are relatively affordable to the middle, working, and sometimes even lower class. Used cars can easily be afforded by higher classes if they desire. Some of them may have just swapped out a Mercedes for a Toyota. It is almost never a question of whether Toyotas are being purchased, but more of who is buying a Toyota.
The same rule applies for almost every business. If you aim to sell a product that people want and is accessible to people more in the middle class, you can make a good amount of money from that.
The best people to sell to will almost always be the middle class. 60% of all new consumer spending will be spent by them and when they can no longer afford your business, there are many in the classes above them who will pay for your business. When times are good new groups will be able to afford your business. Sell your products/services to the middle class and demand should remain consistent.