United States Affluent Consumers Trends Report: 2017 - Affluent Consumers Demand Products and Services Designed Just for Them

DUBLIN, November 22, 2017 /PRNewswire/ --

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/vcp8jq/affluent

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