Spending on Luxury and High-End Goods & Services Increases by the Affluent

by Kacey Larsen

STEVENS, PA—The affluent top 20 percent, who make up over 40 percent of all consumer spending in the country, are indicating their growing consumer confidence in the marketplace with a 15.9 percent uptick in spending on luxury and high-end goods and services since the last quarter of 2013. Unity Marketing’s Luxury Consumption Index (LCI) measures affluent consumer confidence, and the most recent results show expectations for future spending rising in time for back-to-school and holiday shopping seasons.

Affluent consumer confidence in the financial state of the country has risen to 32 percent, compared to 27 percent in the second quarter. Affluents are also reporting spending more on luxury; an increase of 27 percent compared to the second quarter’s 23 percent. “These factors take together, along with improved perspective on affluent’s personal financial status, give a bright prospect for continued spending by these most important of the nation’s consumers,” says Pam Danziger, president of Unity Marketing and lead researcher on the quarterly Luxury Tracking Survey. “Not only is their most positive outlook measured in greater spending on high-end and luxury goods and services, the government’s Retail Census also shows a strong 3.8 percent increase in retail and food service revenues for the first five months of 2013, as compared with the same period the previous year.”

Unity Marketing will host a 45 minute webinar at noon on Thursday, September 5, to review the results of the most recent Luxury Tracking Survey and speak to the LCI’s projects for the next six months. Register for the webinar here, or see more in depth results of the most recent LCI here.  

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