The “creative class” is a term that was coined and became popularised by Richard Florida, author of the book, “The Rise of the Creative Class”. In it he turns conventional wisdom on how cities and economies grow in its head by shifting the reason for growth from companies and technology to people.
source: Supply Chain Insight Global Summit
Disposable Income of the Creative Class
Despite the name it is important to understand that the creative class are not necessarily creative in the strictest sense of the word. They are people that use their intellect predominantly in their jobs. A medical practitioner can be placed in the creative class as easily as a graphic designer.
This wide range of professional fields means that the creative class also tend to earn more, especially in cites where their work is valued. Targeting the creative class has a potential for higher yields in revenue because they are likely to have a higher disposable income.
source: 2013 OTIS Report on the Creative Economy
According to Florida, the world is flat and spiky at the same time. This means that although technology can be used to make everyone and everything accessible, there are regions where “creatives” tend to concentrate. It turns out that despite the ease with which technology makes it possible to connect remotely, the creative class, prefer to migrate to regions that offer them the best chance to grow their skills.
Concentrations of the creative class has grown upwards of 40% in some cities making them a marketers dream, because they take up a high percentage of some populations in defined key areas. Taking the time to understand their interests, attitudes and opinions that link them will yield greater dividends for effort.
The creative class can be found in most creative centered cities and their number continue to grow. By understanding what motivates them, brands can find and keep loyal, lifelong customers.