Affluents Plan To Cut Spending
The latest reading of Unity Marketing’s Luxury Tracking Survey shows that despite surging financial markets, well-heeled consumers are worried about the economy, and plan to rein in their spending in the coming months.
The Stevens, Pa.-based company, which specializes in affluent shoppers, says only 23% of the high net worth shoppers it polls quarterly intend to spend more on luxury goods and services in the year ahead. And 28% expect their spending to decline, compared with just 18% who expressed that sentiment in the prior quarter.
And 22% predict their own finances will be worse in the next year, the highest that measure has risen since 2008. Unity’s survey is based on about 1,400 luxury consumers, with an average income of $267,800.