Despite all of the turmoil in the economy and the markets, wealthy shoppers are remarkably resilient.
According to US Consumers 2009-2011 survey on the State of the Luxury Industry, two-thirds of households polled do not plan to trim luxury purchases over the next quarter. In fact, America’s wealthy are planning to maintain their spending on luxuries and even expect to spend more over the next few months. Of the most coveted luxury goods, hotels and Apple products topped the shopping list.
Approximately 18% of those polled said that they intended to spend more in the coming months on travel, while roughly 16% polled stated that their dollars were going towards technology, specifically iPhones, iPads, and personal computers. Automobiles also received favor from 11% of the respondents, which was up nearly 8% from the previous year.
On the other hand, if the wealthy were to make budgetary cuts, the survey indicated that 39% said they would spend less on jewelry, 37% would spend less on antiques, 34% would spend less on apparel and art, and 33% would spend less on handbags and watches.
It is important to note that while 32% of affluent consumers acknowledged that the recent economic downturn has pushed them to spend less, the data makes reference to the wealthy consumers’ desire to increase spending over the next 3 months.
