Unity Marketing: Affluent Consumers Spending More on Home
STEVENS, Pa.-Spending on high-end home products by affluent shoppers have made significant gains thus far in the third quarter, according to research by Unity Marketing, the firm that tracks affluent consumer behavior.
So far in the quarter, according to the company's Luxury Tracking study, spending by affluents on high-end linens--such as fabrics, curtains, sheets, towels, other bed linens and table linens--is up 51.1 percent from the first few weeks of the second quarter. Purchases of furniture, lamps and floor coverings by this class of consumers has risen 26.3 percent. Spending on all luxury goods and services has risen 15.9 percent thus far in the quarter.
Along with the increased spending, the research found an upturn in affluent consumer confidence. Thirty-two percent of those surveyed believe the country as a whole is better off financially now, compared to 27 percent at the start of the second quarter.
"We have seen plenty of minor spikes in affluent consumer confidence since 2010, but the latest one at the start of the third quarter 2013 feels different than the others," said Pam Danziger, Unity Marketing's president. "It has all the markings of a sustainable recovery that will give affluents the confidence to spend more freely through the end of the year."