NEOs and Evolvers account for 92 percent of the ‘Big Spenders’ – in other words, the top third of discretionary spenders in the developed economies of North America, Britain, Australia and New Zealand.
The hallmarks and evidence of the NEO Economy are everywhere. An economy within the economy that is thriving whilst the rest of the country continues to struggle with "slow demand".
NEOs and the closely related Evolvers have made businesses of all sizes and across many sectors successful. Apple might be the biggest technology company in the world, but NEOs and Evolvers made it so. They are the ones standing in line outside the Denver breakfast joint, Snooze, wearing Lululemon or making cools Santa BArbara coffee joint Handlebar Coffee in Santa Barbara, the place to be.
But the full potential of the NEO Economy to remodel the entire American economy has barely been touched. There are many sectors where there is as yet no NEO alternative, or where the ones that do exist have not yet realized the scale of the opportunity. Extraordinary opportunities exist for the right businesses able to see the NEOs and Evolvers as they really are.
NEOs and Evolvers are radically different from the rest of the population. So far, they have remained largely undetected by businesses and governments and misunderstood by the mainstream that they don't feel part of. They aren't Hipsters, DINKs, Yuppies, the 1% or any other silly name that only sees a slice of the real person and tells us nothing about how they spend their money.
In America, the 46 per cent responsible for 77 per cent of consumer spending comprises NEOs and Evolvers, an adult population of 113 million people.
NEOs and Evolvers are optimistic, entrepreneurial and twice as likely to invest or to graduate from college than their Traditional counterparts. They mistrust institutions (but trust people), are repulsed by conspicuous consumption, dislike corporations and are resistant to mass marketing. Yet they will willingly pay more for those things that are in line with their values and that allow them to express their individuality. This means they should always be viewed as an aggregate of individuals rather than one homogenous group.
And it’s that willingness to pay more for what engages their values, plus the glaring omission in many significant sectors of a NEO alternative, that makes them the perfect candidates to grow any economy they are in.