Articles and News
Another Survey Weighs In: Affluents Upbeat For 2014 January 30, 2014 (0 comments)
New York, NY—For affluent consumers, 2013 was a good year and 2014 will be even better. According to the Engage:Affluent blog on Mediapost.com, surveys throughout 2013 found affluent spending increased for travel, sports equipment, mobile devices, charitable donations and holiday gift-giving. Likewise, The Centurion’s annual year-end survey showed luxury jewelry was a very strong performer for both the holiday season and the year. Other luxury industry experts concur, while leading economists such as Wells Fargo’s John Silvia, expect the economy, jobs, consumer confidence and consumer spending to pick up steam in 2014 as well. Engage:Affluent’s measures of “willingness to pay a premium” for higher-end and luxury offerings also rose.
Looking ahead, says the blog, Affluents are fairly confident the momentum will continue gaining steam. About 70% of respondents expect 2014 to be a good year for themselves and their family, and 40% expect a good year for America and the economy overall. For example, affluent New Year’s resolutions for 2014 center more on “investing” or “contributing more to charity,” compared to previous years where “spending less” or “saving more” were common themes.
As affluent consumers are increasingly freed from economic fear, they are spending their discretionary money in new ways and are re-thinking discretionary time. The last of the Boomers—the single largest generational segment among the affluent—turn 50 this year, an age where one starts becoming increasingly aware of mortality.
As a result, expect an increasing trend for engaging with interests and hobbies, pursuing passions and bucket lists, and so forth. Boomers have always prided themselves on self-actualization and their ability to reinvent every lifestage. Taken together, this may trigger significant changes in the mindsets of affluent Boomers. But even for younger affluents, 2014 is predicted to be a year of increasing momentum and further easing of economic pressures.
Read the Engage:Affluent blog here.
Top image: Travelmediakit.com