The Economy’s Impact in 2026: How High Net Worth Households Are Changing Their Giving and Spending

welcome to Windfall's webinar series. Today, we're gonna be talking about, the economy's impact in twenty twenty six, how high net worth households are changing. My name is Arup Banerjee. I'm the CEO and cofounder of Windfall. We'll be going through a very brief overview of Windfall a little bit later. But if you're unfamiliar with us, we're based out of San Francisco. We really focus on affluent US households, so we'll be speaking a little bit about our own data here today as well. But just to give you a sense of our agenda, you can see this here on the next page, which we'll go through that quick windfall overview. We'll start to define what net worth is and what it means to be in the top one percent. That's a little bit of a bonus in case you you haven't seen some of those stats recently. We'll then shift into the macroeconomic trends as well as we'll look at some selected industries and their various impact there, and then setting up some strategies on engaging with these households holistically. Now we will use q and a throughout the entire, webinar. So if you do have an opportunity, to, ask that question, please use the q and a button, in Zoom, and I'll try to either address it, during the slides itself, or we'll come back to at the very end. Finally, we have a lot of slides. I think I've I counted around, like, seventy five when I just finished it, a a couple of hours ago here, but, we're gonna make this a little bit more interactive, to engage folks on this Wednesday morning or afternoon. So, let's start with that first, actually, which is really trying to understand, for me, specifically around, why did you join today's webinar? And it could be a multitude of different reasons. You could be interested in the general economic conditions in the US, understanding about wealth, different strategies. I know we have some customers here. So, specifically, for our customers, how can we help you here as well? So I'll let that pulse sit for a moment, as I start to go through a little bit more of, like, what we'll learn and what we won't cover today as well, just to kinda baseline it. So my assumption is everybody's here as, you know, an executive, a marketer, somebody in fundraising operations that cares about this population in some way, shape, or form. And, really, how we think about this is that you'll get a baseline of some of Windfall's products. In fact, we have a newer one around market insights that I think will be helpful to demo if we have a little bit of time here at the end. And then what we're not necessarily gonna go through is specifically all of our various product sets, how we build up the data, things that we could potentially engage with you, including our API that has, been released recently. But if you have any questions, again, my email is Arup, a r u p, at windfall dot com. Happy to answer any of your questions after the webinar as well. Cool. So as we, just are wrapping up this poll right here, I'll share the results, which are you know, a lot of folks are here to understand macroeconomic conditions, but also gain the strategies associated with that as well. That's that's about sixty three percent of folks here. So, we'll make sure to spend a lot of time on that at the end. Okay. Cool. So let's move on, to a quick windfall overview. And, specifically, here, the reason that we exist and and, as we look at the overall landscape is that how are we thinking about high net worth? Is your data really up to date? If you're not utilizing any other research, like, how does that actually happen? And that leads specifically, as you can probably imagine, with being interactive to our next poll here, which is, are you using third party today? And if you don't know what that means, that's that's totally okay. But we'll go ahead, and we will launch this poll real quick, where, we're asking for a single choice here. Are you using one, two, three? Are you evaluating it? And if you don't know what it is, that's also okay. We have that at the very end of that polling question. So I'm gonna leave this up here for about ten more seconds. Cool. So as the results are coming in, it looks like there's a multitude of folks. It's actually pretty even, one, two, or three data sources here. And then there's, probably an equal amount. Actually, this is pretty even across the board around evaluating or licensing data, or, you know, folks that are still, learning what it is. So let me go ahead and share those results. And so at Windfall, we we are a proprietary data source. So we'll get into that in a moment. But if you look through kind of the request, this was a Google Engram search, over time. And, specifically, we looked at data enrichment and third party data. If you think about the rise of AI, that's right around here where you start thinking about Claude or you think about ChatGPT. Those tools and solutions really made searching for third party data or data enrichment more interesting because AI relies on data. So if we look at the peaks, now all of a sudden, as consumers of AI, we all are now supposed to be data experts. The question is, are you? And is that something that you really wanna take a look at? And so for those that do use third party data, we're gonna go ahead, and I will, also launch this next poll because I think that it's interesting in terms of the ways that folks want to consume additional data, today versus how they might have, gotten in the past. So I'm gonna go ahead and launch this one, which is saying, do you want the and there's multiple choice around directly in your CRM, send it to my data warehouse. I prefer APIs. I prefer AI tools for my SaaS application. So we'll go ahead and leave that up there as I go through a little bit more about windfall. So when we think about it, our vision here is to democratize access workflows and insights on people data. And so what we really mean by that is saying, well, there are folks out there that have consumer data solutions, wealth as we're about to talk about, but a lot of that also translate on professional information. So as you're thinking about everybody here on the call has a career, we marry that together, and we consider that to be people data. But if you look at specifically wealth, why do we wanna take a look at that? And and what is some of the issues that we still see today? And when we got started almost ten years ago, this is still true, which is really outside of our vantage point. There's really no good detailed network data available. And so a lot of folks are relying on household income or home value, and those are pretty bad. In fact, if you think about areas where we're based in San Francisco, both of those would be incredibly poor proxies as well. And then finally, as I mentioned, you now, as the consumer of that data, have to understand, is it good or bad? So, ultimately, like, let's look at a solution here of why that's the case and why they missed the mark. So imagine that there's, you know, these two scenarios where you have a legacy data vendor versus reality. As you start to scan the first couple, looks pretty good, but in fact, it starts to deviate pretty dramatically as you start going down the list. In fact, it's about fifty percent accurate. This was a study done by Deloitte. And really the case behind that is because a lot of those folks rely on survey or census data. What that means is, again, if you live in San Francisco, you know, that might have been the case, like, in the nineteen forties and fifties where you had folks that looked really similar, but now there's a tremendous amount of divergence. I'm very different than my neighbor who's very different than the person who lives across the street. In addition, the data is refreshed fairly infrequently. We'll get into this in some of the stats of, like, the wealth in the US, but there's been a lot of fluctuations. And so what the data is as of June tenth is gonna be very different than what you saw in April. And so, ultimately, if you're utilizing a historical source that only updates once a year, that's gonna be pretty off and pretty bad. The result of that is that there's twenty billion dollars in the United States that's wasted every single year due to inaccurate targeting and leveraging improper data. So zoom in to kind of where we sit today. Windfall, we have over fifteen hundred organizations that leverage us, and, really, we have some of those notable brands below. But if you think about the the elements that we're gonna be really focused on today, it's gonna be affluent US households. We define that as anybody over a million dollars in net worth. And our product doesn't necessarily just say, hey. We found folks that are above a million dollars in net worth. We'll say, hey. We found John Smith. They were two point three million dollars versus Jane Doe worth forty nine point nine million dollars instead. We go all the way up to the billionaire, so there is no cap on what we're taking a look at as well. So how folks normally use us is around three really key criteria. Again, we're gonna go into this a little bit further, you know, as we as we go through the rest of the webinar. But identification and prioritization, how can you bubble folks up to the top? Understanding, we think about this as segmentation or, you know, finding these hidden gems that you can start to take a look at. And then finally, how do you personalize and engage? Now leveraging a lot of that data helps you, especially automating some of the workflows. So when we think about, some of those proof points as well, and I'll just I'll drop this in, the chat in a moment. But we've done a really nice job, recently of of showcasing some of our overall work with, organizations as well. So I dropped those in the chat for y'all. But that includes save the children, in terms of, I think, getting closer to, like, a thirteen x, return on some of these large donors that they've been, pursuing and leveraging machine learning. If you look at Cerity Partners in the wealth management space, making sure that we have a very quick turnaround time on prospects that you go into. The University of Michigan, who we've been working with quite frequently over the last five, six years, helping us pioneer a lot of data around careers and, finding those rising stars. As we look at Kierna Zabet in the retail, sector of being able to actually personalize as we clientele going in. And then as we look at, MDA as as one of our, nonprofit, customers as well that, changed their major gift program from around six hundred and sixty thousand dollars to about one point five million over the course of the year, leveraging a lot of data driven solutions. So, with that, I'm gonna now shift a little bit, into thinking about net worth, and specifically how we we look at wealth. And, of course, you know, to keep everybody on their toes here as well, before I get into my next poll, I'll just share this really quickly with folks in terms of third party data for those folks that do. Looks like CRM, data warehouse, a few on API, actually more on MCP, which is interesting, and fewer in the SaaS tool. So great to see that. So let's launch this fourth poll, which if you've been in some of our other webinars, you probably have seen this before. But what does it you think it means to be in the top one percent and across the United States? So, this won't be a trick question. We'll just make this a national question in particular. But we'll give everybody a moment, to to take a look at that, and I'll I'll reveal it in a in a few slides. So one of the things as as folks are answering that, and we'll set the stage here. You probably heard about the k shape economy. We'll go into more stats on this. But the rationale behind it was that during the pandemic, we had a lot of savings. In fact, folks did not spend as much money, and there was a lot of, cash that was accumulated in terms of savings. Now, ultimately, a lot of the top ten percent of earners by income still have that socked away, but the rest of folks have actually eaten into the majority of that. And so, ultimately, what this means is that today, the top ten percent of earners now this is income, not wealth, but income are now account for half of the spending. So if we look at that, that really speaks around, okay. Well, why do we care and and how do we differentiate? Well, for net worth, that's a little bit different than income. And so we want to make sure that we could define this because across the US, depending on where you live, right, if your income is a hundred thousand in San Francisco versus a hundred thousand in Boise, Idaho, it's very, very different in terms of the spending power. But from a net worth or wealth perspective, your balance sheet is gonna be the same. So that's assets minus liabilities. And when we think about net worth, we are estimating this. We are creating, models, and we've been building that out, and I'll get into that, shortly. But, really, we're taking a look at what your assets are minus your liabilities. So here, if you have a two million dollar property and you have a one point eight million dollar loan, right, immediately, that's about two hundred k in your overall net worth that you still have if those were the only assets that you currently possess. So as we go through kind of what has been our methodology, we've spent, the last almost decade and for the last eight years been developing this in terms of a weekly cadence, but we don't license this data from other folks. In fact, we build this out our self. We have internal data science teams and have been really thinking about how this all gets impacted. In fact, on the left hand side, you can see a little bit of our work here, and we've published this around, the data of how wealth can be, you know, fluctuating between different asset classes depending on who you are and how you've accumulated that over time. There's something called the survey of consumer finances, which is the SCF. And so, ultimately, we've been thinking about this, problem very hard, and it's it's super hard because it's gonna change, and it continuously changes every single week. Now to give you a sense of, you know, some of that breakdown here of some of the work we did, and we did publish this as well, is taking a look at these asset classes. Right? And we're bucking them into, you know, log ten type of scenarios, one million, ten million, hundred, and a billion. And this makes sense. Right? If you take a look at the billion dollar plus folks like Elon and and the likes, the majority of their wealth is gonna come from business interests, not necessarily their primary residence. Right? That's gonna be a very low or their overall real estate holdings holistically. So as we think about kind of today's macroeconomic environment and where wealth is hedged and how that, changes the dynamic, those are the things that you should keep in the back of your mind as well. Now, I'm going to go ahead and share this, results. So just keep in the back of your mind that, you know, some folks, I think the winner here is split between ten and fifteen million to be the top one percent. So let's let's get into that a little bit more here. Just as a heads up, we also did publish the top one percent and what it means to be in every state in our blog about a couple weeks back. So I'm gonna drop that in the Zoom chat as well for folks if you wanted to take a look a little bit further. Now what we have here in the top one percent is that if you look at this more globally of how wealth has been created and we're gonna take a look at high net worth, again, defined over a million dollars in wealth. Well, looking at that time period since the beginning of the pandemic, so this was of January of twenty twenty. So you can see this little dip, right as March of twenty twenty. And in fact, over here, you can see what happened in April versus the rebound in May and June. Well, there's been over a double of affluent households in the last six years. So that doesn't mean that we are stagnant with million dollar plus households. It's still about fifteen to twenty percent of the population, but it's an outsized increase of their overall wealth. So this means that, you know, that fifteen to twenty percent of the population maintains around eighty percent of the wealth in the United States. So some key questions that we have right now and what you're probably thinking about, again, going back to the strategy that we spoke about earlier, is where is that being accumulated? How will that change over time? And is your strategy the right one? So, ultimately, as we as we go through this, we have another chart here, around the top one percent. So I mentioned that we'd actually go through and and talk about that. So on this next one, we looked at this from a quarterly perspective over time, just to kinda give you a sense, and then I'll I'll stop sharing in a moment. But here, what we you can see is that even with that April decrease, remember, we just showcased that in May, we now finally hit that flat ten across the US. Now that's across the US. It's a national figure. So for those folks that said ten million dollars, great job. It was slightly below that, earlier in the year, but now we're we're right in that spectrum. And so that's interesting, especially as you take a look at the decline over time. And then, ultimately, this does change. And so around six point eight million in twenty twenty, and that's forty seven percent increase over the last five years. So that's pretty pretty dramatic, right, in terms of a five year time horizon. Regardless if you think about inflation or or whatnot, it does mean that wealth is accumulating. So where are they and where are they growing? On the bottom here, you can see a chart of the US. And so as an example, right, we're I'm based out of San Francisco right here, and we have kind of the increases in household wealth versus the decreases from twenty twenty. And so what you can see here is that most counties have seen an increase in high net worth households, But the concentration does look like it's on the coast for the most part or in metropolitan areas in particular. And so we're confirming that we're seeing that a lot more folks are going into urban areas and that there's a shift in the lower tax locations. Now that's an exception here with California as you can take a look at it. But that being said, the Bay Area, you know, except for some parts, north and to the east, are seeming to be winners holistically. And so that's an interesting trend to take a look at. Now I'll flash up some of the other stats just just for fun. This is, again, based off of the research and our own internal datasets where you can see which states were the biggest, quote, unquote, winners. In fact, remember, we've seen an increase across a hundred and twenty percent of new households, and then we've also seen, you know, forty seven percent of those folks increase their wealth over time, right, in terms of being in top one percent. So, ultimately, as we take a look at here, right, Utah is right at that ten million dollar number. But there are some states, right, if we look at Indiana that are much lower around four point four million. So the western states and those that have smaller populations probably saw the most increase in net worth growth. I should recall the or remind folks that when we look at this, we're really looking at where your primary residence is. This is not for folks that, you know, live in California and happen to have a secondary property in Texas. This is really saying folks that live in Texas as their primary residence. And so we can see that there are other folks, and I just mentioned Texas, that are probably seeing migrations. Texas and Maine more recently have seen more population increases, folks moving away from, you know, California as an example with those higher taxes, as we mentioned a little bit earlier as well. Well, we can also take a look at the least biggest winners because, as I mentioned, there's only a handful that we saw, you know, reductions, of the top one percent. Hawaii happens to be one of them, but it's still very, very high comparatively. And Oregon is, you know, is probably more of a rounding error here than anything else. But generally speaking, you know, we saw that those were the only two states. Otherwise, it looks fairly more muted, holistically. And so some of these states have a much larger base, as we talked about, with California in terms of their overall, time horizon. And, again, this is looking at the last two years, not from twenty twenty specifically. And so, those are really interesting stats for us to take a look at because while these are lower increases, they're still incredibly affluent, right, but haven't seen as much wealth creation as some of the other counterparts across the US. Now another leading indicator that we take a look at, and I'm sure you've seen, is around billionaires, and we we wanted to make sure, to include that for some folks where you can see the top metro areas where we have billionaires. Right? New York, Miami, and then California here, if we combine those two together, right, there's a lot on the coast. But with these migrations, that, generally speaking, attracts more wealth or more economic, you know, conditions to potentially generate more wealth as well. Miami, as an example, has seen a lot of attraction for those billionaires, more recently as folks are having billionaire bunkers and and and whatnot there, as well. So a a couple other ones just really quick. You know, the top one percent versus the US population. So this is saying where is the top one percent over indexed versus the US, and where do they under indexed? So really quickly, if you see this, right, top one percent, they care about financial investments. They're more on the collector side. They think about home improvement. But if we look at the other side, it's probably not, you know, the common living type of home improvements that we're really speaking about here. They're not interested in the sweet sweet steaks as an example or probably not as religious, as the rest of the country is at the moment. So those are pretty interesting stats as we take a look at it, but it's not just about the US population. You can actually take a look at this even within states or within metros. As an example, I mentioned the Bay Area a little bit earlier on purpose because when we think about it, this is the Bay Area with the various counties. And, specifically, if you look at somewhere like Los Altos, which is one of the wealthiest parts of the country, their median net worth, again, median net worth, not top one percent, is three point eight five million. Versus if you look at the East Bay and look at Milipitas, their median net worth is around four hundred k. So even thinking about twenty miles, is very dramatically different in terms of your approach and how you're thinking about that. Now why does that matter? It's because of some of the strategic planning that you can do. Most folks, even if you're a national organization or if you're a localized organization, it it doesn't really matter. Right? There's probably abilities for you to still think more strategically about what's in your backyard or how you even think about various events, things of that nature where, it could really inform your strategy moving forward. So keep that in the back of your mind as we start to think more about the macro side of it as well. Cool. So let's go into the macro and how some of the spend and shifts and what we can learn from the past as well. Now the reason that we're all here and why we're talking about it is pretty obvious, but I'm gonna go through some of these things in terms of recent posts. So, of course, there's some global conflicts that are happening right now. Iran is one of them, but, you know, we we think about Ukraine. We think about, the fact that there was Venezuela, Cuba. There's other parts in terms of global macro conditions that are really impacting, the economy. Of course, for US consumer sentiment, and we'll show you some slides on that as well, is starting to get worse than ever before, in terms of the last twelve months. So is this gonna continue, or how do we think about this moving forward? Of course, as we go back into fuel costs, and we'll probably double click into that, as well in terms of travel again because for travel and hospitality, especially looking at fuel costs, it's probably gonna be an early indicator of high net worth households and that impact into their overall spending. Now this is something that just came out today. So, it said it was published twenty two minutes ago when I grabbed the screenshot, which was, you know, consumer, price index. So inflation, got up to four point two percent. That's the largest it's been in the last couple of years, and that's due a lot to some of these energy. If you strip out energy, it's probably closer to about two point nine percent instead. And so lastly, where where does this actually keep the economy? And this was a recent article around, you know, of course, there's AI spending, which everybody's probably heard about for the data centers and things of that nature, on the business side of the world. But asset wealth in terms of the consumer spending, is really important as well. And why do we think about this? Well, out on top of looking at just wealth creation, there's gonna be a great transfer of wealth here. And I know folks have probably looked into this, but this is a flow diagram, of showcasing where there's wealth today and where it's potentially gonna flow into. So there's a lot of things that might happen, including folks that might be inheriting it from their spouses as we think about, you know, their kids and then the next generation as we look through that. There's gonna be a lot of opportunities for firms to engage with the next generation of high net worth, either from a philanthropic perspective or just thinking about your brand creation over time. Now I mentioned that, you know, that quick review. This is another way of visualizing it as well, which is thinking about spouses, mostly, widows or women. And then from the rest of it, where does that actually get allocated? Again, it's another type of, visualization here that, we're showcasing just so you can see two different sets of the population. Great. So let's now talk about economics today. So we're gonna put together two graphs here in terms of the S and P and real GDP. And so if you've been to some historical webinars from from me, I I I like to show this mostly because I want to set up that GDP is really based off of, this macroeconomic, if you remember from econ one zero one, looking at, you know, your consumer spending investments, government, and net exports. Now ultimately, the US is a consumer driven economy, which is why we're really focused on this at the moment. So moving into kind of looking at this impact and and some of the overall, emphasis, and so this went back a couple more years, but we really wanted to zoom in on the stock market's performance since twenty twenty four. And in fact, what you can see here is that, you know, there were some, declines overall, right, as we think about US consumer sentiment during Liberation Day, if remember that with a lot of the tariffs, and then what the overall impact was felt throughout the rest of the year. But then again, if you take a look at some of the conflict on February twenty eight in terms of when the Iran war or conflict started, and then ultimately, of the softness, that we saw through April and then with some more of the rebounds with additional spending, additional thought processes around will the conflict end, and have we seen other signals in the economy that can help us justify that this is still a robust, economic environment? Well, that's where it goes into the k shape economy. And so we show flash that screen up, right, in terms of the savings, but let's just actually show you a little bit more around the top twenty percent of the earners versus the bottom eighty percent and how that has changed over time. Right? So this is incorporating another ten percent, of of the, earners versus just the top ten percent. But on these elements here, you can see that the gray is more recessions. And so as we look through this, there is certainly this widening gap that you can take a look at, especially as we had in the mid nineties, some somewhere around fifty fifty. Now at the end of the day, discretionary spending and how we think about, where folks might allocate that spend is starting to diverge even further. So looking at who might be within the database continuously spending, looking outside of the database to understand who are these folks that feel better in that top twenty percent or from a net worth perspective, even if they're not in that top twenty percent, are they still part of the folks that are still spending today? And so that is interesting as we look at some of the other macro components, which also speaks to our overall interest rate. Right? So if we look at the Fed's fund rate, which effectively defines interest rates, these are, several things that, we have been observing. And if you've, heard Trump talk about this, in the public and with our new Fed chair that just got confirmed, right, if we have lower interest rates, it's easier to borrow money. You'd start to, really put a shot in the arm, into the economy. But at the same time, that also increases inflation, which is not what folks really want here as well. Now for affluent households, that still does impact it, and we're probably not gonna see another, rate cut this year, maybe a rate increase potentially that happened in Europe most recently in the last week. But the sentiment is still real. And so when you think about sentiment versus what you're spending and saving, those are the consumers that, while they still might have the capacity to spend, might not necessarily do it because they're waiting. Now unemployment is another part that we take a look at, and you probably have seen this where it's interesting because we have higher inflation, but we also have low unemployment. And so while it's ticked up a little bit in terms of, you know, some AI layoffs, we're still adding jobs, holistically to the economy. And in fact, we're beating expectations. So when we look to the future, though, will the bigger layoffs and what you've seen more recently, that affects white collar workers, which are more likely to be in that affluent sector. And so that creates more sentiment or feelings of instability holistically. So while this is something that is still strong, the sentiment still isn't there. So we looked at this, right, as I mentioned, and we probably missed today's inflation report in this graph because it came out, right before, which is we're aiming at a two percent, you know, inflation rate. Now that is something that we we certainly know is is possible. We've we've had that in historical years, and that's kind of where, we baselined it. But you really don't wanna think about a recession here at the same time of keeping interest rates high, keeping inflation low. If the job market was lower, then, you know, it's a very interesting time for macroeconomics across the board because of these various factors that usually go in lockstep but seem to be diverging. So high net worth households accumulate more money during inflationary periods. And in fact, we'll get into that with travel and hospitality in a couple of slides here as a showcasing where when there's higher inflation and there's higher interest rates, the wealthy get wealthier. So this was the slide that I was, talking about a little bit earlier in terms of how you can see the savings rate, decline. We used to have around an eight percent savings rate. I think it's gone a little bit closer to, like, five percent instead. And we are starting to see that credit card debt has started to balloon a little bit further, and most folks are getting behind on those payments. In fact, there were some articles, recently written, by The Wall Street Journal speaking about how on the k shape economy on folks that have lower income, that credit card debt is trying to snowball quite a bit. So moving into some of the selected trends, and I'm I'm trying to make sure that we keep the pace here as well to get through the strategies, is to take a look at some of specific sectors. And we're gonna start with the nonprofit ecosystem first because if we looked at the great transfer of wealth and eighteen trillion dollars passing hands as well as taking a look at the fact that and I'll I'll showcase it on the next slide. Eight out of ten affluent households do give to nonprofits. So where does that really sit? So this is a trend. The most recent report for nonprofit giving, will be coming out later this month from Giving USA. So this is data going through twenty twenty four instead. But we looked at this and specifically over the last three recessions, and we're not in one today, but just making sure that we could think about this in a volatile economy, you can overall see that there was fairly little decreases in giving over that time. Now in two thousand eight, a little bit more from two thousand nine. But if we look at twenty twenty one, twenty twenty three, right, like, in this mixed bag period, it's a little bit flat to slightly up, comparatively. And then in twenty twenty four, we rebounded back again, in terms of a stable is what we're calling an economy. As you can see, it kind of mostly goes up into the right during that time horizon. Now this is all nonprofit giving. So it includes not just individual giving, but all giving. And so, specifically, again, high net worth households give more than seventeen point five times the general population. If we look at individual giving during those same time horizons, we have the same throughput here. But, again, looking back at these recessions and recovery periods, it's a little bit more pointed. Right? But on the prior slide, I said it was a little bit more flat, but you can see that during those recessionary periods of time, we see a pullback. Now in twenty twenty four, we saw an increase, but not as increasing as we've seen in historical periods as well, right, if you look at this blanket stable, time horizon on top of it. So from that, we really wanna understand, well, what does that mean for nonprofit giving, and and how do folks really think about engaging with that? So this is a study done by Bank of America, the study of philanthropy. And so as you take a look at the annual giving by, and, again, affluent donors, this is where they feel like they're experts, and and this is self reported. Right? So they're self identifying themselves as good donors to to nonprofits, which means that there's some education that they've had or that they might be a little bit more senior in their in their overall, tenure as a human. You know? They're older. And so, ultimately, the knowledgeable ones, as you go up the path, still give nearly three x. So what does this mean? This means that there's an opportunity not just to identify, but to steward them through that and to make sure that they understand how their impact is really being felt. So personalizing this outreach, especially knowing who that person is, gets them up this curve much faster. Now we've also seen that affluent US households, and especially with some of the the changes, in the in the Trump tax bill, that DAPs are becoming a more important source, and we actually released a donor advised fund flag, in our data dictionary. So it's something that we can help you, identify, which is you can see this overall increase in deaths holistically, twenty five percent on average, just in twenty twenty four to twenty twenty five. And so as we think about that, that means that they're becoming popular not only for folks that probably didn't have them before, but even individuals that had foundations who are giving to DAFs. It's another way, to eliminate their ability to kinda give from the foundation to a specific nonprofit, but to give to their DAF instead. And so, ultimately, as we look to that, we're thinking about how past giving could understate their true capacity. So if you're utilizing metrics like, you know, their gift capacity, well, if you're giving to a DAF, you're actually missing what they potentially could give to nonprofits holistically. And so that's another way of thinking about net worth and their wealth that can give a little bit more than what you might have seen from historical giving. Now let's pivot as we think about this to the hospitality sector. And in particular, when we think about hospitality, it showcases the k shape economy pretty well. So this next slide that we have here really speaks to luxury, and we're gonna do revenue per available room, so RevPAR. So the revenue per available room has increased by seven point eight percent, and we put some examples of who are in these categories. Right? Ritz Carlton, Four Seasons will be in this category in particular. And then we have some upper upscale ones. Right? The the Westins as a part of the Marriott brand or the Bonvoy family. But as we start to go down beyond this, you can start to see that it really starts to decline, especially as we go to the economy, you know, categories instead. Well, that's the largest spread that we've really seen, and overall transactions are still really high. So if we look at kind of the three point eight percent overall US RevPAR, that really speaks to the fact that the luxury side is doing that even further. So this is a quote by the Hyatt CEO after their q one earnings, which is there's no weakness on the higher end consumers, which is really where most folks are starting to double down into. In fact, we're we'll show you another one here, which really speaks about that in terms of the top ten percent or top one percent of US households for leisure spend. It's four hundred over five hundred billion dollars. Right? So 7x more revenue than the average US traveler. And that can be sent seen right here in particular, based off of again, this is their their study, where you can take a look in terms of twelve thousand four hundred versus three years ago, it's eighty four hundred. Right? And every single one of these did increase, but you can see the overall relative increase again going up into the left here, but in terms of the top one percent showcasing, you know, four x the spend. In addition, right, we're seeing that this increase in trips is happening more as wealthy individuals are looking for more experiences than just physical assets at the moment. Now how does this look at in terms of where you can win and and why that matters? And, again, this is based off of, you know, surveys. They expect you to know them. Right? If you're looking at luxury cruises and being personalized, that clienteling, they want you to know who they are. And if you do, they'll spend more money with you, which is really interesting. Right? And it's it's effective for some discounts, but look at that. That's not that much. It's really more so around the personalized experience. And so as we look at that and look at individuals who are traveling, what is gonna be that impact given the fact that we're in this global conflict? Right? Because some of these stats were done before we had that, you know, war in Iran. Well, let's take a look at oil prices. Super fun. Right? If we take a look at oil prices here, you can see consumer sentiment starting to decline. Again, lowest record over the last twelve months for sure. And as we take a look at that, this is gonna be really difficult because I think the price of gas has come down, since May. I think it's now the average is close to four dollars and sixteen cents, where we hit a high of four dollars and fifty five cents, which was the highest in over the last three or four years as well. And so this will make an impact for most US households, but the demand for premium and private travel remains incredibly strong. So this, again, is where I'm saying the wealthier actually get more benefits here because if you look at the economy or the mass market, this is increase in fares to five hundred and seventy dollars. Now on premium, this is slightly lower. But it's interesting to note that Delta Delta's really been leading into this, in terms of a US major airline. Their premium revenue beat their economy revenue for the first time in twenty twenty five, and they want to make that a bigger part of their overall strategy. Now private aviation, even with jet fuel increases, they're absorbing that cost because there's a large demand for this, especially thinking about what we're gonna embark on with the World Cup upcoming as well. So this is another one where you can see brands starting to shift upmarket and follow the money. So I'll do the last one around retail before we go into strategies. But if you think about how the market has really shifted here in terms of retail, there's aspirational buyers that like luxury brands, but there's a lot of concentration on the spend here in terms of and we'll talk about very important clients in the next slide. But we really need to make sure, especially with tariffs, with fuel costs, with margin pressures, like, how does that look like in the retail sector? And, specifically, you need to really know your audience. That is table stakes for most retailers today and being able to move fairly quickly to personalize on that same area. So it's about your high fidelity data with your bespoke, personalization that will start to convert these top two percent that have a lot of spend. Now we'll showcase this again, just really quickly for the very important clients. And, again, we have some studies here from twenty twenty five that support this. But now it's more important than ever to identify who those folks are and being able to cultivate them over the next twelve months, not just during, you know, the end of the year and Black Friday, but really starting to understand how to cultivate long term relationships with them. So the last one I'll showcase is these aspirational buyers. Right? We said that that's fifty percent of the population who wants to take a look at that. Ultimately, they've reduced or stopped that. So this is not necessarily speaking about affluent folks, but, ultimately, if you think about those aspirational buyers who might have spent, they're starting to redirect that spend into other places, including just saving it. Or they could be utilizing used goods versus, you know, you know, going for the for the new ones instead. Okay. So that was a lot that we went through for the last, like, forty minutes or so. I'm gonna keep on going here. I know this is till the top of the hour. So if you do have questions, please do put use the q and a button as well. But from that, we will go into talking about, well, what do you do with this? I just gave you a lot of information. That was really great. But you gotta make sure that you put it into your workflows for converting a lot of the folks that we just spoke about throughout the prior, part of the presentation. So let's think about how to engage with high net worth and ultra high net worth. And if we have time, I'll do, like, a one minute demo of one of our newer products. But here's the first one. Right? You got to make sure that you're pulling in the right data. And I if you don't use Windfall or even if you use Windfall and you use other data sources on top of this, you're gonna waste time, money, and energy unless you really think about deciphering what's good data versus bad data. Let me explain a little bit more around, like, a story that probably you've seen before or that, probably pains you as well. But just imagine that you have a data, provider or you've licensed some data, and you're like, hey. This is quick and easy. I'm gonna take a look into that. Well, as we mentioned, you might not have, you know, the net worth correct. They are philanthropic. You have no idea what the job level is, so you don't care about their career. Right? People data. Well, you have this personalized engine. You're putting it through. Are they qualified? Not sure. So let's send them an email and and see if they respond. Well, they didn't really get what they needed out of it, so they become dormant. And then you try and reengage them. Again, you've segmented it incorrectly. Okay. Maybe you finally win that, but it took you close to nine months to do that. That's crazy long from somebody who raised their hand and wanted to come in. Versus if you have quality data, maybe it's a little bit more expensive, but you have the right information. It's timely. It's updated. And now we can put that information directly into the qualification, personalize that outreach, route it to the right individual on the team, and then everybody has a great experience. Now that's the dream. Right? As we take a look at it, that doesn't mean that you can do that overnight. In fact, you have to think about where you sit on a maturity curve. And we put this in a lot of our presentations, but we have business value versus maturity. Maturity does not mean how long you've been in business, but effectively how sophisticated you are. So you can get up this curve incredibly quickly. But if you're just starting off, you have no data, and you probably don't have a CRM. But as you collect a lot of that information, right, you're unifying that within the CRM or data warehouse, and then you start looking at third party data. So it's good to see that a lot of folks are either thinking about that, but you're segmenting on your own data first and then adding in information afterwards. Now when you're really driving it, this is where AI starts to come in. Predictive modeling, segment on other attributes, start looking at analytics and reporting. Even with AI, you still need humans to think about the strategy moving forward, but that's where you think about workflows and orchestrations. And so this is generative AI. This is also thinking about combining predictive AI with generative AI. I'll give you an example of that, you know, shortly. But as you think about where you sit on this maturity curve, just take a quick moment and recognize that there might be other ways to move quickly up this with the right data and the right solution. Okay. So let's start first. My recommendation to every single organization is to understand what is your strategy around if you're a local company and it's just within a state or an MSA. That's okay. But if it's national, well, what is your opportunity right now? Even with the data that's currently in your CRM, but more globally as you see, you know, who's in your backyard, how can you segment that? Now based off of where you're having success, double down on that. If you're not with winning in Seattle, like but you keep on putting resources behind that and you know that you're winning in LA, that's a much better way for you to shift and pivot to where you have the most success. And, again, it gives you the right strategy for the audience that you're going after. And I'm not talking just around, you know, audiences for marketing, but audiences for your emails, for your segmentation, for your targeting. Let's take a look. Right? If you were taking a look at Florida as an example and you had your existing clients in Florida, you could map them out and figure out, well, I have a lot of opportunity over here. And then I can look at the overall market opportunity to double down and note, yep, North Miami is right there. That's exactly where I wanna continue to actually have my overall opportunity. Now that's overlaying some just general thoughts. What we're really trying to do, though and if you think about engaging with the right segments, is you're trying to understand how to remove flipping over a rock or kissing the frogs. Right? If you kiss a frog and it's it's turns into a prince, like, amazing, but you might not actually know, or you might disqualify it. That's not really what you want to spend your time and energy doing. In fact, you wanna short order the database much more cleanly, and that's what data and AI does for you. Right? And that's what you're you're really trying to put into the workflow. But how do you think about it? Well, this is then saying, okay. Well, I have a market opportunity. I now need to put data into my system. That could be your CRM or your system of record, and we talked about some of that. So this is people data where you have the wealth signals. You have career. We talked about debt donor advised funds, but there's other information that you can also pull in. Well, the first thing that you do is you build segmentations. You can think about this as clustering your data and figuring out where which segments you're winning. Again, going back to kind of even the the Miami or Florida example, but that's where you need to take it into actions. Without segmentation, and if you just don't if you don't act on the data, nothing happens. Now this is the hard part for a lot of organizations to figure out which actions to take. And so we want to prioritize the right people. You need to trigger this to drive the business outcome. If they the way that I talk about it internally in folks is data just sits on your shelves, it doesn't really matter. And there's a couple of different ways that you can get it, and Windfall now does both of these things, as well, which is there's some real time, lead forms that you might wanna route. I've seen customers, you know, take this, put into Slack or Teams. Once they have the right information, we can re respond with it within a second, and then you have happiness of being able to route that to the right individual. But that's not the only thing that you should think about. Remember, data gets stale fairly quickly. If you haven't heard my data decay component, it's about thirty three percent of your database is gonna be out of date by the end of the year. Well, you wanna reactivate all those short ordering of the database that we talked about a little bit earlier. You gotta keep doing it. People will change over time. And so when you have recent, triggers or life events, now you have a lot of different ways that you can activate that data. We call it reactivation, but you could also give those things back to Sarah as well if you had better prospects that should be in her portfolio instead. Now doing this is is not necessarily something that you need to think about just within the CRM. I here's a screenshot of one of our applications, but it allows you to zoom in and actually get specific county level views of where that looks into. So once you do that and if we look at the segment size of over eleven thousand, is that big enough? Do we think we could win that market? Awesome. Great. Do you have enough data in this segment to personalize? This is saying there's children present. So now all of a sudden, that might be part of your messaging. And then you can choose which markets to pursue. Maybe you're not looking at all of the tri state area because you don't wanna go to upstate New York, but you're really focusing in on the New York City MSA instead. Now once you've figured out the territory, you wanna be able to work with your frontline team. And specifically on this, this is what I mentioned with predictive AI as well as generative AI. So Windfall, we have a products line called dossiers. So we have a score. This is utilizing predictive AI and saying they're in the top ten percent to be able to convert. But then the generative AI actually gives you outreach, a summary. You can print this. You can then send it to the relevant person, and it gives you other ways that you normalize or, sorry, personalize. Excuse me. So as you go through that, all of that can be done in less than a hundred and twenty seconds. So you going through the workflow of saying, I've identified it. I now I know where to go after for a specific segment. I found Ben Davis. I need to actually understand how to go after them. That's great. Now why we talk about predictive AI is because wealth is only a qualification to start off with, but it's not the only factor. Ultimately, there's a lot more around context, different data points that might be for your brand or from a timing perspective. And so in both of these situations, you could see that for these two individuals, they're both high net worth. They both had recent engagement, and you would consider them both to be qualified. But by leveraging scoring, you actually should go after the person on the right first because they are more likely to convert than the person on the left. How do you build that or how do you visualize that? The ways that we think about this is, again, you have different regions in the US. There might be some overlap between Colorado and the Northeast for your best customers, but we wanna get as close to these centroids as possible. That's called retargeting. Now what's really cool about leveraging and, again, precise audience targeting is table stakes in today's world, especially of trying to find these individuals and spending the right type of money. Net new acquisition or finding this out in terms of advertising is what Windfall can then apply the same models to the US population. We call Windfall population the US population here instead. And that really starts to become really cool because now you can either just say, hey. I wanna look and target doctors who have over two million dollars and are interested in golf, or you can use modeling or both, which is cool. And so this enables you to then send it out for social, programmatic, or direct mail. And then that person who you really wanna target is engaging directly with you from that personalization. So, finally, this is, you know, how we think about this globally at Windfall. If folks do have a little bit of extra time, I will, make sure to, demo some stuff, but I'll I'll I'll flash up, just one slide before we go through that, which is I have another webinar next week. If you wanna understand, a little bit more about, Miami and San Francisco and that kinda piqued your interest around, what is the difference there, I will also drop this in the chat as well. But for those that cannot say, thank you so much for joining right now. Really do appreciate that. I will go ahead and at least answer, one the only question I had here, which is will we receive a copy of of the slides? Yes. This will be recorded. You will be sent the recording, and everybody who attended will be able to see this as well. Okay. Great. I'm gonna do the one minute demo just because I have folks here in case you wanna see some of that element. So let me, quickly just go through that and get out of this. And for whoever raised their hand, I will certainly come right back to you. But if you could put your question in the chat, I will also get to it in a moment. So when I mentioned, that it first starts with your overall, market, this is our newer product that we launched in, April this past year. And so what you can see really quickly is that this gives you these are CXOs over a million dollars net worth. But what if we said, hey. I just wanna take a look at anybody over ten million dollars in net worth? You can actually create we call these lenses where you can start to differentiate where your, total addressable market versus number of customers you have and clicking in, in fact, zooms in even further. You can also go back. You can overlay where your customers are in the US. And so we can start to zoom in on that, right, again here as well, or we can remove that. Right? And so you can see that this is where the customer penetration is. Now, ultimately, they give you an insight summary of what that looks like as well as you can get all of these various components to generate a segment if you wanted to go after it, which is pretty cool.