One Voice: The Wealthy are ready to Buy. Are You Ready to sell?
Just in time for our Luxury Issue, more proof on where our market is headed. In a new survey by the American Affluence Research Center of the wealthiest 10% of U.S. households that account for almost half of all consumer spending; the number in assessing current business conditions is now 40 points above the Fall 2012 index
This is the highest reading for this index since Fall 2007 and indicates good potential for increased spending by affluent and luxury consumers.
About 80% of the affluent expect their net worth to be the same or higher in the coming months while two-thirds expect their income to be the same or higher. Almost two-thirds say they do not plan to defer or reduce expenditures during the next 12 months, which represents an improvement of 7 percentage points from Spring 2013 survey.
Ron Kurtz, president of the American Affluence Research Center observed that “the affluent have a modestly better outlook for the future than the general public”. No foolin’ and that’s why the guys and the gals in our industry are primed for good business. Starting on page 20 we’ve gathered several of the smartest business minds in our industry to offer sage advice on how to sell to the rich. Now it’s up to you to go out there and close those sales!