Ultra-rich spending ‘strategically’
October 17, 2008-- Home Textiles Today,
Stevens, Pa. -- Ultra-affluent shoppers are still spending, only “more strategically,” according to a survey by Unity Marketing. Ultra-affluent consumers – with incomes of $250,000 and up -- have cut spending on luxuries by nearly 20% in 2008 vs. last year.
Pam Danziger, president of Unity Marketing, said about half the ultra group are preparing lists, researching purchases and doing comparison shopping. They are shopping less frequently, cutting back on restaurant dining, streamlining fashion purchases by concentrating more on sales, visiting outlets, and opting for less premium brands.
A less-affluent group -- those making $100,000 to $249,999 – has also cut back, by 10%, in the first three quarters of 2008 vs. 2007.
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