Posted By:
Rieva
on
06-30-2009
If you're like many entrepreneurs, your target market is affluent customers — and you've been hurting as even they have pulled back on spending.
Well, here's some good news: The latest Ipsos Mendelsohn quarterly online Barometer survey of affluent adults — those with household incomes of $100,000 or more — showed they were more optimistic about the economy in the spring of 2009 than they were this past winter.
As reported by the Center for Media Research, 39 percent of affluent consumers think the current recession will end "in 2010." Within this affluent audience, the group most positive about a 2010 turnaround was 18-to-34-year-olds (55 percent believe the recession will end next year). Women (30 percent) were the least hopeful. As to the overall future of the economy, more affluent consumers were optimistic (49 percent) than pessimistic (37 percent).
Gifts and Decorative Accessories magazine has more news about affluent consumers. According to the "Home Luxury Report 2009" by Unity Marketing, affluent homeowners are beginning to spend on home luxury goods. The average dollar amount spent on these products grew by 16 percent in the first quarter of 2009 over the previous quarter, and 17 percent compared to the same quarter of 2008.
Unity Marketing President Pam Danziger says there could be several reasons for this: They could be encouraged to shop by discounts and sales, or they could be improving their homes because the recession is leading them to spend more time there. Unity found that the affluent are spending less money on experiences outside the home, such as dining out at restaurants.
This is good news for some companies targeting luxury consumers, but likely bad news for others. If your business targets affluent Americans, what trends are you seeing? I'm curious to know.
Rieva Lesonsky