The tide has finally turned and affluent consumers are gaining confidence and spending more as a result, according to Unity Marketing, which is predicting strong back-to-school and holiday shopping seasons. The Stevens, PA-based boutique marketing consulting firm contends that things are starting to look up among the nation’s most important consumer segment—the affluent top 20%, which are by far the biggest spenders in the consumer economy, accounting for more than 40% of all consumer spending, yet making up only 20% of the nation’s 121 million households.
Unity Marketing’s latest measure of affluent consumer confidence shows that their expectations for future spending rose in July. This bodes well for back-to-school and the upcoming holiday shopping season. This more positive outlook on their financial status corresponded to a 15.9% uptick from last quarter in their spending on luxuries and high-end goods and services. These results are based upon the most recent luxury tracking survey conducted by Unity Marketing among 1,189 affluent consumers (average income $273,200) from July 9-15, 2013.
“We have seen plenty of spikes in affluent consumer confidence since 2010, but the latest one at the start of the third quarter feels different than the others. 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,” said Pam Danziger, president of Unity Marketing and lead researcher on the quarterly Luxury Tracking Study.
More info: www.unitymarketingonline.com