Wealthy Americans To Spend More On Luxury In 2011
American Express Publishing and Harrison Group on Friday released a new survey showing that more wealthy families in the United States are willing to spend their money as long as it meet their standards.
A new survey released by industry groups on Friday said that luxury spending by wealthy Americans will significantly increase this year, but with an eye toward value and quality in the goods and services they would purchase.
Based on the sixth annual America Express Publishing and Harrison Group survey, luxury spending by rich Americans is expected to increase by eight percent to $359 billion.
The survey also showed that the number of affluent families in the US willing to spend their money on exclusive items has almost doubled in the past three years as the economy makes it way back to recovery.
However, many of these rice Americans remains apprehensive over the value and the quality of the goods and services they will purchase, said Harrison Group vice chairman Jim Taylor.
“There will be more money spent by the rich. However, this doesn’t mean that they will spend it without the prudent skills they learned from the recession,” Taylor said.
Dubbed as the Affluence and Wealth in America survey, Harrison Group and American Express polled some 1,458 wealthy families – which represent richest 10 percent in the US – with discretionary income of over $100,000.
These families also account to almost 50 percent of the entire consumer spending activity in the US.