Affluent Market Tracking Study #16, Fall 2009 Survey Of The Wealthiest 10% Of Us Households

Abstract

Abstract

The 16th in a continuing series of research reports based on twice-yearly surveys of the most affluent 10% of U.S. households, this survey was designed to answer 7 important questions about marketing to the affluent and luxury consumers:

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Should you be concerned about the prevalence of the concepts of "stealth wealth" and "luxury shame"?

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What is the "new normal" and will the affluent return to pre-recession levels of spending?

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Which segments of the affluent have been reducing/deferring expenditures, which segments will do so over the next 12 months, and which segments are not cutting back?

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What are the spending plans for December holiday gifts?

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Which of 8 major expenditures do the affluent expect to make during the next 12 months?

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How do the affluent expect to change their spending for 17 products and services during the next 12 months?

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What do the affluent expect of the stock market, business conditions, and their personal income during the next 12 months?

Focused on the wealthiest 11.2 million households with an average $3.1 million net worth (as determined by The Federal Reserve Board) these surveys regularly measure and track their 12-month outlook for the economy, the stock market and their personal earnings, savings, investment objectives, and spending plans for 17 product categories and 8 major expenditures.

This survey contained questions to help identify which segments of the affluent market are reducing or deferring expenditures (and which are not) due to current economic conditions, why they are reducing their expenditures, and for what types of products and services spending is being cut back. Related to this are questions regarding the existence of and affect on spending of feeling self-conscious about their financial situation being stronger or better than that of their friends and family (i.e. the concepts of stealth wealth and luxury shame that have been advanced by some retail and luxury consultants).

Also included were questions about spending plans for Christmas and Hanukah gifts, the factors that will influence their return to pre-recession levels of spending (related to the concept of the new normal), expected percentage change in 2009 income, percentage of income to be contributed to savings, and estimated time to achieve the end of the recession, an 8% rate of unemployment, the Dow Jones Index at 11,500, and a 20% increase in the value of their savings and their home.

The surveys track plans for major purchases (vacation homes, primary residences, home remodeling, automobiles, boats, and cruises) during the next 12 months. The survey also tracks anticipated changes in spending during the next 12 months for 17 categories of products and services. These include fine jewelry and watches, domestic and international travel, dining in casual and upscale restaurants, furniture, major appliances, entertainment equipment, home computer equipment, entertainment, recreational activities, collectibles, designer and non-designer apparel, and charitable and political contributions.

For much of the preceding, the report shows historical trend data and data by demographic segment within the overall affluent population.

For more information, please visit:

http://www.aarkstore.com/reports/Affluent-Market-Tracking-Study-16-Fall-2009-Survey-of-the-Wealthiest-10-of-US-Households-39332.html

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by: Aarkstore Enterprise

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