Surveys: Wealthy Consumers Plan to Increase Their Spending

Wednesday, 01 May 2013 08:00 AM

By Dan Weil

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Two new surveys show that wealthy consumers plan to boost their spending, which could help buoy the economy.

Rising stock prices, rising incomes and rising job security are the reasons they cite for opening up their purse strings.

The American Affluence Research Center produced a study focusing on the top 10 percent of consumers, as measured by income, who account for more than 50 percent of consumer spending. It found that most of them plan to spend the same or more this year as they did in 2012.

Editor's Note:
Billionaires Dump Stocks. Prepare for the Unthinkable.

Meanwhile a report from the Harrison Group and American Express Publishing showed that among the top 10 percent of consumers as measured by earnings, 25 percent plan to spend more on luxury this year, up from the 15 percent with similar plans last year, according to CNBC.

Among the top 1 percent of earners, almost one-third plan to spend more on luxury this year, up from 21 percent last year.

A total of 55 percent of the wealthy said their household assets have increased from a year ago, while 41 percent say their incomes are higher.

The stock market’s romp to record highs in recent weeks has apparently lifted the sentiments of the wealthy. The Spectrem Group’s Affluence Investor’s Confidence Index, which includes people with investment portfolios of at least $500,000, hit a one-year peak this month, CNBC reports.

"Equity investment among affluent investors rose in April while cash investing decreased," George Walper, president of Spectrem Group, said in a report, according to CNBC.

Editor's Note: Billionaires Dump Stocks. Prepare for the Unthinkable.

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