Do you know HENRY?

We ‘re not talking of Henry – one of two characters (the other was Liza) in the children’s song “There’s a hole in my bucket (or”…in the bucket). This is about another HENRY who not many are aware of or what all HENRYs have in common.

HENRY is the abbreviation for those High Earners who are Not Rich Yet.

Maru – the global insights company has recognized certain traits that HENRYs exhibit, such as preferences and dislikes that are somewhat similar to the DNA of same members of one family although each one may not be entirely alike.

According to Maru, a HENRY is someone between 24 – 40 years with a six figure household income,  typically having expensive spending habits and yet living on the financial edge because they are in debt and/or have savings just under the amount of three months’ salary in non retirement fund accounts.

Work incomes, not investments or savings, prop up the lifestyle that a HENRY leads. Between paying off debt, supporting living expenses, and the upkeep of an often lavish lifestyle, HENRYs can find themselves living pay cheque to pay cheque.

So what are the behavioural ‘drivers’ of a typical HENRY? Here are some characteristics that Maru identified:-

• Whilst they may appear to be liberal spenders they practice a more frugal approach to travel.
• They are ardent loyalty program subscribers, and seek to capitalise on those points as much as possible when traveling for pleasure.
• When not exercising the option to redeem loyalty points, they will spend time looking out for the most economical rates for airfare and lodgings thus ensuring that most of their funds can be used for the experiences during their trips. For some, the availability of attractive rates has even influenced their chosen destination.
• While HENRYs are keen on the idea of traveling in a post-pandemic environment, consistent with their more considered approach to such expenses, they intend to do so with caution, likely even to a greater degree than the average traveler.
• They’re looking forward to the opportunity to relax, with some longing for the day that they can enjoy the warm weather on a care-free beach vacation. One HENRY said, “I would like to go to some beach, doesn't matter where. I just want to get in the ocean, have a drink and walk in the sand.”
• The chance to travel is seen as a return to “happier” times, but there are also clear expressions of nerves and anxiety, as well as reluctance to travel without widespread vaccination and the removal of quarantine requirements. 
• Ultimately, though, it’s about value and being flexible that is key, to realizing that value for HENRYs.

Small wonder then when one HENRY summed it up to tell Maru “Money is meant to be spent. I do recognize the need and value in saving, but when it comes time to make big purchases, I don’t hesitate”. 

Ilzaf Keefahs is a freelance writer who enjoys focusing on hospitality related matters that he is passionate about, and likes to share his views with hoteliers and customers alike. He delves into the heart of hospitality to figure out both customer service and consumer trends that impact the industry.

•  Share this page