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Luxury Consumers Show No Decline in Home Spending
Oct 4, 2007
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Home furnishings and household appliance sales rose to US$253 billion in 206, fueled by a 7.1% growth in personal consumption, according to the Bureau of Economic Analysis. A large part of the growth comes from the luxury market, which has been less affected by the country's recent housing downturn. According to Unity Marketing, affluent consumers spent a reported $21,700 on upscale home furnishings and appliances in 2006, a 9% increase, compared to 8.6% in 2005. "In our most recent survey we found that roughly one-third of luxury consumers have plans to redecorate their homes and about 15% plan on doing a major home remodel in the coming year," said Pam Danziger, president of Unity Marketing.

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