Affluent Confidence and Spending are Up

Consumer confidence and spending is on the rise in the affluent, according to Unity Marketing’s latest Luxury Tracking Study. The study found a nearly 16% hike over the last quarter of 2013 in affluent consumers’ spending on luxury and high-end goods and services.

Key to the results is the affluents’ growing consumer confidence. More than 30% of respondents believe the country is now better off financially compared to 27% at the start of the second quarter. “We have seen plenty of minor spikes in affluent consumer confidence since 2010, but the latest one feels different than the others,” said Pam Danziger, Unity Marketing president.

The study is based on responses from nearly 1,200 consumers with average incomes of about $275,000. The affluent account for more than 40% of all consumer spending yet make up only 20% of the nation’s 121 million households, according to Unity Marketing.