This consultant specializes in Mass affluent. Do not confuse what she calls wealthy or affluent with what this blog's UHNWI.
Signs of Recession Recovery in the Luxury Sector of the Home Furnishings Market Are Emerging --
Affluent Consumers Are Releasing Pent-Up Demand for Home Furnishings and Decor
Two quarters of strong, steady growth in luxury home spending tracked in latest survey of affluent luxury consumers by Unity Marketing
Stevens, PA July, 2009 -- There are clear signs that the luxury sector of the home furnishings market is recovering from the recession. In the first half of 2009, affluent consumers spent more on luxury home furnishings and decor, according to the latest tracking study of affluent luxury consumer purchases conducted by Unity Marketing.
The survey among 1,017 affluent consumers who recently purchased any luxury (average income $207.8k; age 44.3 years) found that the average amount spent on home luxuries rose 17.6 percent from first quarter 2009 to second quarter. This followed a rise of 16.3 percent from fourth quarter 2008 to first quarter 2009.
Pam Danziger, president of Unity Marketing and lead researcher on the luxury tracking study, says, "Since the beginning of 2009, the affluent segment of the market has been spurred to spend more money on their homes. Home marketers must act now to tap this growth trend that can ultimately lead their businesses out of the current slump. The answer lies in understanding the consumer better than your competitor. Unity Marketing has a new report that will give marketers this advantage."