Report: Affluent Consumers May Finally Feel Post-Recession Confidence
Sep 4, 2013
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Affluent consumers' expectations for future spending increased in July 2013, according to Unity Marketing, which said the increase in July bodes well for spending in the back-to-school and holiday shopping seasons.
The marketing firm, which specializes in tracking luxury consumer habits and spending, said the most affluent 20% of consumers in the United States are the biggest spenders in the consumer economy and account for more than 40% of consumer spending.
The increase in consumer confidence among affluents comes in the same time period as a 15.9% increase in spending by these consumers on luxury and high-end goods and services in the last quarter.
The results are based on the firm's most recent luxury tracking study, which surveyed 1,189 affluent consumers with an average income of $273,200. The survey was conducted July 9-15, 2013.
"We have seen plenty of minor spikes in affluent consumer confidence since 2010, but the latest one at the start of the third quarter 2013 feels different that the others," said Danziger. "It has all the markings of a sustainable recovery that will give affluents the confidence to spend more freely through the end of the year."
The report indicated that affluent consumers feel more confident about the financial direction of the country. Of those surveyed:
• 32% believe the United States is better off financially now, up from 27% at the beginning of the second quarter of 2013
• 27% reported spending more on luxury items, up from 23% in the previous 23%
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