Pessimism Grows Among Mass Affluent Consumers
They're not poor, but they are not (UHNW). They are Mass Affluent consumers who have tasted a bit of the good life but now realize they won't be joining the club full tilt.
A study by TNS, the world's largest custom research firm, reveals that 87% of Americans with $500,000 or more in investable assets agree that the size of the US government's deficit is a major concern for them. Over 1,600 consumers were surveyed.
Across the board there is concern and uncertainty around the U.S. economy and how it will affect the financial well-being of Americans.
- 43% feel the current state of the economy will jeopardize their retirement plans
- 40% plan to reduce the amount of money they spend compared to last year
Anxiety about the financial health of the U.S. government is also evident, with:
- 56% agreeing that they are concerned that the US government may default on its debt obligations
- 60% stating they do not think the US government should increase the federal debt ceiling
TNS also released its latest Investor Confidence Index, which declined in June to 102, its lowest level in a year. This 11 point drop is being driven by growing pessimism about the stock market and the direction of the economy.
Again, if you are selling luxury products and services, perhaps it is time to put more emphasis on the top end of the market. Or as I say, 'if you are on a private jet in these times, life is still good."
Doug Gollan
Elite Traveler
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You have come a long way. Congratulations for being successful.
Posted by: gray hair | January 17, 2012 at 07:44 AM