US consumers spend less on luxurySunday, 19 April 2009
Spending among U.S. luxury consumers has reached a record low due to the global economic crisis, and designer apparel and fine jewelry are among the affected categories, the American Affluence Research Center said in a report released Thursday.
In product categories including designing clothing, fine jewellery and watches, of those surveyed half or more than half of the respondents expect to spend less during the next 12 months.
The Affluent Market Tracking Study, conducted twice a year by the AARC, focuses on the luxury market and the 11.2 million households representing the wealthiest 10 percent of all U.S. households, as determined by the Federal Reserve Board, based on net worth. The study included more than 640 participants for the survey, who have an average annual household income of $290,000, average primary residence value of $1.2 million, average net worth of $3.1 million and average investable assets of $1.4 million.