Affluent Consumers See Better Times Ahead

2009-07-24 | 09:39

Nearly half say their situation will improve over the next 12 months.

Better days are upon us, according to the wealthiest among us. Unity Marketing's latest Luxury Tracking survey among affluent luxury consumers suggests that the worst of the recession is over for a near majority of those surveyed.Some 48% believe that their personal financial situation will improve over the next 12 months, the highest level reached since the third quarter of 2007.

Interestingly, the U.S. fell into recession some time during the fourth quarter of 2008, so the wealthy realized something foul was afoot well before the rest of us.

But while there are definite signs of improvement seen in the latest survey, Pam Danziger, president of Unity Marketing, warns thatluxury marketers can't expect their affluent shoppers to come back with the same exuberance – and free-wheeling spending -- they exhibited before the recession.

"Marketers can't afford to be over confident right now.The latest survey data, while it shows signs of improvement, also shows continued weakness in specific categories and sectors in the luxury market," said Ms. Danziger. "Unity's research shows that affluent consumers' basic attitudes and motivations that underlie their patterns of consumption are changing, and these changes are likely to outlast the economic downturn. The new survey points to opportunities for luxury marketers that align themselves with the new values-based mindset of luxury consumers."