The economy has treated you well, and you do the same for us
By Michael Lewis
The economy has been very, very good to Miami Today readers in the past 21/2 years, our latest readership survey shows. While 32% of you were millionaires when we took our last survey, 46% of you are today.
That single figure - the remarkable growth of net worth - was among a handful of marked changes the survey by Coral Gables-based Behavioral Science Research shows. The net worth of households soared, with 74% of you reporting worth of a half-million or more, up from 57% in the last survey, and 9% more than $5 million, up from 8%.
Another striking growth is in Hispanic readers, up from 32% to 41% - reflecting the continued rapid change in this community's leadership.
These changes are even more striking because in many respects, results mirror past surveys. You're 96% college-educated, the same as last time. You remain pivotal in business, still exactly 82% managerial, professional or owners. And you remain in the upper stratosphere here at $201,300 mean household income, virtually the same as the last survey.
The good news is that you haven't aged a bit - you're months shy of 51, down a hair from the end of 2002.
But as more women enter executive suites, more also read Miami Today, up from 37% of our readers in the last survey to 40%.
Although the fact that you're younger and more of you are Hispanic and women clearly reveals new readers, Miami Today's core audience is remarkably solid. On average, you've read Miami Today for five years or more and a third of you report reading Miami Today for 10 years and more.
Still, 26% of you began reading us after the last survey - which accounts for both younger readers and a surge in Hispanics and women. But then, many of you have to be new: Our circulation has jumped more than 16% in the past 12 months, now surpassing 37,000. We're pleased to have longtime loyal readers, and we heartily welcome newcomers.
As you continue to prosper, you report both acquisition of the finer things in life and a desire to own even more: 77% own art objects, up from 64%, and 59% report plans to buy more; 61% own antiques, up from 49%, and 30% plan to buy more; 65% own fine jewelry, up from 49%, and 49% plan to acquire more.
Boating plays a bigger role your lives: 11% own powerboats, up from 10%, and 11% plan to buy a powerboat this year; and 5% own sailboats, up from 1%, and 6% of you plan to buy a sailboat this year.
Naturally, we tried to learn how you use Miami Today. We're pleased that 86% of you spend more than 15 minutes with us, up slightly from 84%, and that the average reading time remains constant at 25 minutes. Additionally, 55% of you now keep the paper for five or more days, up from 49%, and 25% of you keep Miami Today for more than a week, up from 15%. We're pleased that the information we dig out for you has a long shelf life.
Many of you read voraciously, and Miami Today isn't your sole print news source. As one might expect, 89% of you read the Miami Herald and 54% read its Business Monday section - both figures down from past surveys. You read other newspapers: the New York Times (30%), the Wall Street Journal (29%), Daily Business Review (24%), the Sun-Sentinel (15%), USA Today (14%) and Financial Times (10%).
You also read weekly or monthly New Times (36%), South Florida CEO (25%), South Florida Business Journal (24%), Florida Trend (23%), Ocean Drive (22%), Sun Post (9%) and Selecta (7%).
But while you read others, you continually rate Miami Today highest - even more favorably than you did in our last survey.
For quality of business or civic news, 80% of you rated Miami Today high or very high. The Daily Business Review was second at 59%.
For credibility of business or civic news, 83% of you rated Miami Today high or very high. The Daily Business Review was second at 72%.
When we asked you to rank a single publication at the top, gaps widened:
Best for business news, Miami Today 59%, Miami Herald second at 21%.
Best in local business trends, Miami Today 77%, South Florida Business Journal and the Miami Herald tied for second at 8%.
Best for news of companies, Miami Today 62%, the Miami Herald second at 17%.
Paper that helps me do my job better, Miami Today 57%, Miami Herald second at 25%.
News of government activities, Miami Today 57%, Miami Herald second at 33%.
Best in real estate news, Miami Today 54%, Miami Herald second at 31%.
Best at meeting small-business needs, Miami Today 52%, Miami Herald second at 21%.
Best news of civic activities, Miami Today 59%, Miami Herald second at 36%.
Best for news of banking and finance, Miami Today 44%, Miami Herald second at 28%.
Best calendar, Miami Today 50%, Miami Herald second at 44%.
If it seems the survey was loaded in our favor, it wasn't. We always ask about best coverage of the arts, a field in which we have minimal content. The results were exactly, to the percentage point, the same as last survey: 81% of you still picked the Miami Herald, 18% of you still cited Miami Today and 1% of you still named the South Florida Business Journal. You didn't blindly cite Miami Today just because you're loyal readers: You were thoughtful in your choices.
Thanks to those who filled out this survey, four closely packed pages. We sincerely appreciate your time and effort.
We will carefully use the information you gave us to continue to improve our service to you.