Dublin, Nov. 22, 2017 (GLOBE NEWSWIRE) -- The "Affluent Consumers: Demographic Patterns and Spending Trends, 7th Edition" report has been added to Research and Markets' offering.
Affluent Consumers: Demographic Patterns and Spending Trends, 7th Edition Affluent Consumers: Demographic Patterns and Spending Trends, 7th Edition, highlights cross-currents in the affluent consumer market in an era marked by this widening gulf between the affluent and everyone else. Some affluent consumers cope with the psychological baggage of being wealthy in an increasingly winner-take-all economy by declining to think of themselves, or to project themselves, as being affluent or wealthy at all. Such evolving mindsets among affluent consumers comes are reflected in changes in how they prefer to spend their money. For an increasing number of affluent Americans, the endless and conspicuous accumulation of possessions has become less important than financial access to meaningful experiences such as purposeful or at least truly exotic travel. In another shift, more and more upper-income consumers would rather achieve status by promoting the right kind of social values, as opposed to purchasing products and services that reflect a material world mindset. Another kind of status now sought after by affluent consumers comes is the ability to buy time, a transaction increasingly seen as the ultimate luxury purchase. Marketers are focusing on how to provide unique services to their affluent customers that provide the kind of convenience, time savings, and outsourcing of mundane tasks and concerns that ordinary consumers can't afford. Customized, personalized products and services also rank high on the priority list of affluent consumers. While opportunities for the pursuit of excess still abound, especially for the ultra-rich, many affluent shoppers remain intent on searching for value and hunting for bargains. For example, data cited in this report show that affluent households are actually more likely than households on average to respond to money-saving incentive offers (58% vs. 46%), especially those offering a rebate with product purchase (54% vs. 38%).
Key Topics Covered:
CHAPTER 1: EXECUTIVE SUMMARY SCOPE AND METHODOLOGY Scope of the Report Methodology TOPLINE INSIGHTS Affluent Consumer Population Explodes in Post-Recession Bounce Affluent Consumer Confidence Roars Back from Recession Low The Middle Class Continues to Tread Water Affluent Households Gain at the Expense of Everyone Else Some of the Affluent Try to Avoid the Stigma of Wealth in an Age of Inequality Inconspicuous Consumption Gains Favor Many Affluent Consumers Like to Search for Value and Snap Up Bargains Being Rich Means Having Enough Money to Buy Time Affluent Consumers Demand Products and Services Designed Just for Them The Affluent Shift From Piling Up Possessions to Buying Experiences Ultra-Rich Still Cherish Brands That Others Can't Possibly Afford (or Dare) to Buy Affluent Consumer Market Represents Outsize Opportunity As Income Grows, Demand for Professional Financial Advice Increases Affluent Multicultural Households Represent Growing Opportunity PERSONAL PROFILE OF AFFLUENT CONSUMERS Affluent Consumers Are More Likely to Be Young, Urban or Coastal 3 in 10 Have Graduate Degree Employment Profile in Sync with Educational Achievement Most Affluent Households Have Multiple Earners Married-Couple Family Households Predominate Homeownership Key Marker of Affluence Super-Affluent Differ in Some Ways From the Merely Affluent Affluent More Likely to Have Liberal Political Outlook and Secular Social Values CONSUMER PROFILE Affluent Shoppers Tied to the Internet Travel Services at Top of List of Online Purchases Affluent Like to Save Money Too Brick-and-Mortar Shopping Still Appeals Shopping Patterns Reflect Two-Tier Economy Affluent Shoppers Tethered to Internet Even While Shopping in Stores Affluent Households Have Outsize Impact on Consumer Economy Affluent Consumers Look for Quality When They Buy Apparel FINANCIAL PROFILE OF AFFLUENT CONSUMERS Nearly 40% of Income of Wealthiest Americans Comes from Investments A Handful of Households Controls a Substantial Majority of Household Financial Assets in U.S. Wealthiest Families Prosper in Spite of Market Dips Richest Households Depend Less on Retirement Accounts Super-Affluent Investors Display Greater Tolerance for Risk Super-Wealthy Investors Play in a Their Own League High-Value Life Insurance Part of Affluent Consumers' Financial Planning Loans Part of Affluent Lifestyle MARKETING TO AFFLUENT CONSUMERS Luxury Retailers Scale Back Brick-and-Mortar Presence Luxury Retailers Forced to Raise Online Profile Many Luxury Brands Learn How to Map a Digital Future CHAPTER 2: TRENDS AND OPPORTUNITIES MARKET TRENDS Dominance of Affluent Consumers Decades in the Making Wealthiest Control Three-Fourths of Family-Owned Assets Affluent Households Multiply in Post-Recession Bounce Affluent Consumer Population Tops 14 Million Affluent Still Grab Greater Share of Aggregate Income Affluent Consumer Population Explodes as Middle Class Hollows Out Even Upper Middle Class Households Squeezed by More Affluent Counterparts Ultra High Net Worth Americans Number in the Tens of Thousands KEY MARKET OPPORTUNITIES Affluent Consumer Confidence Roars Back from Recession Low Affluent Consumers Represent Outsize Opportunity Attachment to Online Shopping Illustrates Payoff From Digital Strategies Spending Patterns Reveal Importance of Affluent Consumers to Brick-and-Mortar Retailers Travel Habits Set Affluent Consumers Apart High Income Increases Demand for Professional Financial Advice Affluent Consumers Are Prime Customers for Loans as Well as Other Financial Services Affluent Multicultural Households Represent Growing Opportunity CHAPTER 3: PERSONAL PROFILE OF AFFLUENT CONSUMERS DEMOGRAPHIC HIGHLIGHTS Affluent Consumers Are More Likely to Be Young, Urban or Coastal Asians Overrepresented in Affluent Consumer Population 3 in 10 Have Graduate Degree Employment Profile in Sync with Educational Achievement Most Affluent Households Have Multiple Earners Married-Couple Family Households Predominate Homeownership Key Marker of Affluence Super-Affluent Differ in Some Ways From the Merely Affluent POLITICAL AND SOCIAL VALUES Affluent More Likely to Be Politically Active and Have Liberal Political Outlook Secular Social Values More Prominent Among Affluent CHAPTER 4: CONSUMER PROFILE HIGHLIGHTS OF CONSUMER ATTITUDES AND BEHAVIOR Affluent Shoppers Tied to the Internet Travel Services at Top of List of Online Purchases Affluent Are Prime Candidates for Online Home Delivery Subscriptions Affluent Like to Save Money Too Brick-and-Mortar Shopping Still Appeals Shopping Patterns Reflect Two-Tier Economy Affluent Shoppers Tethered to Internet Even While Shopping in Stores OVERVIEW OF SPENDING PATTERNS Affluent Households Have Outsize Impact on Consumer Economy Affluent Have Different Spending Priorities Affluent Consumers Look for Quality When They Buy Apparel New, Luxury Vehicles Capture the Attention of Affluent Consumers Affluent Responsible for Nearly One in Five Dollars Spent on Mortgage Interest Affluent Households Spend $39 Billion Annually on Household Furnishings and Equipment Entertainment and Sporting Goods Industries Depend on Affluent Consumers CHAPTER 5: FINANCIAL PROFILE OF AFFLUENT CONSUMERS PROFILE OF AFFLUENT INVESTORS Investing Central to Affluent Consumer Identity Nearly 40% of Income of Wealthiest Americans Comes from Investments A Handful of Households Controls a Substantial Majority of Household Financial Assets in U.S. Wealthiest Families Prosper in Spite of Market Dips Richest Households Depend Less on Retirement Accounts Super-Affluent Investors Display Greater Tolerance for Risk Super-Wealthy Investors Play in a Their Own League USE OF FINANCIAL SERVICES Reliance on Professional Financial Advisors Increases with Income Amex Scores with Affluent Consumers Affluent Consumers Place High Value on Having Good Insurance Coverage High-Value Life Insurance Part of Affluent Consumers' Financial Planning Affluent Consumers Are Prime Customers for Wide Range of Insurance Loans Part of Affluent Lifestyle CHAPTER 6: MARKETING TO AFFLUENT CONSUMERS OVERVIEW Luxury Retailers Scale Back Brick-and-Mortar Presence Luxury Retailers Forced to Raise Online Profile Many Luxury Brands Learn How to Map a Digital Future Luxury Shopping Experiences Can Still Attract the Ultra-Rich Personalization and Customization Key to Reaching Luxury Buyers Luxury Marketers Focus on Providing an Experience Rather than Selling a Product Being Rich Enough to Buy Time Seen as the Latest Status Symbol The Ultra-Rich Still Cherish Brands That Others Can't Possibly Afford (or Dare) to Buy CASE STUDIES OF MARKETING TO THE AFFLUENT CONSUMER Bentley Motors Takes Personalization to New Levels Tiffany & Co. Highlights Commitment to Sustainability Neiman Marcus Seeks to Improve Customer Experience through Technology Luis Vuitton's Ad Campaigns Features Famous Faces Burberry Turns to Social Media to Launch Cosmetics Product Illustration 6-6 Burberry's Cat Lash Mascara on Pinterest
Companies Mentioned
- Bentley Motors
- Burberry
- Luis Vuitton
- MemoMi Inc.
- Neiman Marcus
- Tiffany & Co.
For more information about this report visit https://www.researchandmarkets.com/research/vlz5cs/affluent
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