Affluent Market Survey Shows Darkish Prospects for Retailers This Holiday season.
In this latest survey with the affluent, which is representative with the 11. 4 million households that be the cause of about half of désenvoutement almost all consumer spending, about 12% of affluent consumers said they won't buy any gifts because of this holiday season. According to numbers coming from a National Retail Federation survey of common people, the overall average of consumers who don't plan to buy vacation gifts is 8%. It'll appear the affluent individuals are once again proving that should be careful spenders.
Among affluent consumers preparing to buy holiday gifts, about 3% said they will spend an average of 7. 7% more than they spent during the past year. This is in line with numbers from an NPD Group general market trends survey showing that 9% of common people (not specific to the affluent market) intend to spend more this winter holiday. According to a examine by American Express Publishing/Harrison Class, only 5% of consumers using a household discretionary income involving $100, 000K or more prefer to increase their holiday spending this year.
About 28% of typically the affluent market respondents from this survey said they plan to spend typically 14. 9% less for holiday vacation gifts than they did last year. This number is also in keeping with NPD data on the normal population showing about 30% going to spend less in 2010 than they did just last year. The American Express wide variety for reducing holiday charges is 21%.
The remaining 69% of affluent consumers in your survey of the rich plan to spend much like they did in 2009. Total holiday gift purchases with the affluent consumers may average $2, 305 really, an overall average 3. 9% decline with the average of $2, 399 that affluent people say they spent during the past year. The American Express Publishing/Harrison Set study estimated the shoppers represented by their customer survey will spend about $2, 093 on gifts at the moment. 53% of this class is looking to reduce the volume of gifts they buy. The National Retail Federation predicts almost spend of $518 per adulton gifts through the general population represented through their October poll.
Given that consumers often spend much more than they planned, especially during the holiday gift season, total spending by the affluent is a same or perhaps slightly much better than what it was in 2009. This is also in accordance with Deloitte's prediction of some 2% rise in vacation spending and Nielsen's prediction of the flat holiday season in accordance with 2009. On the excellent side, while it probably are not a banner year for the purpose of retailers, it may not be worse than 2009.
*The American Affluence Groundwork Center's national survey included 439 affluent people with an average from $290, 000 household cash, $3. 1 million everyday household net worth, plus $1. 1 million average value on their primary home.
Ron Kurtz can be a principal of The United states Affluence Research Center and also Management Resource Group. Both companies provide promotional research and strategic setting up services to prominent clients in your travel and hospitality industries, especially those targeting the particular affluent market.
Prior to be able to founding MRG in 1989, Ron's experience included more than 20 years in senior management positions during the airline, hotel, and trip business. As the founding Director of Sea Goddess Journeys, he created the product group small deluxe ships for ones very affluent. He also served as the chief marketing officer of four cruise lines, including Norwegian Cruise Brand and Windstar Cruises.