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Coined in Fortune magazine in 2003, the term HENRY describes a sub-group of consumers with modest resources and luxurious taste. These individuals, typically older millennials with six-figure incomes and investable assets of less than $1 million, aren’t high-net earners just yet, but they’re spending like they are. Professor Karl Moore paints a richer portrait of the HENRYs and points to the opportunities that luxury brands should seize in appealing to this segment of the market.