Affluent Consumers Not Likely to Change Spending Habits Despite Economic Slowdown, Per Phoenix Marketing International Research Study
“Recession? What recession?” typifies attitude of majority of country’s wealthy consumers
Rhinebeck NY – March 4, 2008 – The plummeting stock market, eroding value of the dollar, and soaring gas prices have not curtailed spending habits or altered positive economic outlooks of the majority of the country’s wealthy households, according to a survey completed in February by Phoenix Marketing International’s Affluent Marketing Practice.
Slightly more than one half - 56 percent – of households with investable assets greater than $250,000 stated that their discretionary spending remained the same over the previous three months. Another 20 percent of those interviewed by Phoenix researchers actually increased their spending during the same period.
The slackening economy had even less impact on households with assets in excess of $1 million dollars, according to David Thompson, managing director of Phoenix Affluent marketing. Eighty-six percent of millionaires surveyed expected their spending to remain the same or increase for the March-May 2008 time period. The 20 percent of affluent responders who said they may decrease their discretionary spending in the near term cited dining out, entertainment, clothing and jewelry, and leisure travel as the categories likely to bear the brunt of the decreases.
“Affluent consumers are all-important bellwethers in the drive to bring our economy back to life,” remarked Thompson. “Their willingness to keep spending despite all the doom and gloom remains a beacon of hope for marketers in the United States.”
For additional results from this latest Phoenix survey on the spending habits of high-net worth households, including latest data on what this segment believes is the most important issue in the upcoming presidential election, visit http://www.phoenixmi.com/about/news//2008030312.phtml.
About Phoenix Affluent Marketing
The Phoenix Affluent Market Service (AMS) offers both custom research and syndicated solutions to assist clients in understanding trends and issues that impact the affluent and high net worth markets and in developing strategies for revenue growth.
Our Affluent Marketing research platforms are the foundation of our custom research practice. These rich, syndicated databases give clients a competitive advantage through unprecedented access to mainstream affluent, high net worth, and ultra high net worth households. We can profile markets or determine competitive issues that prepare clients for a custom research engagement; http://www.phoenixmi.com/financial/ams.phtml
About Phoenix Marketing International
Founded in 1999, Phoenix Marketing International is one of the fastest growing marketing services firms in the United States. With offices across the country and partnerships with many of the largest companies in the financial services, consumer package goods, automotive, healthcare, and travel and leisure industries worldwide, Phoenix also offers advanced advertising and brand measurement along with direct marketing expertise.
# # # #
Phoenix Marketing Contact:
David Thompson
Managing Director
Phoenix Affluent Market Practice
860-653-1720
Press Contact:
Ray Graber, Graber Associates LLC
781-221-0018