The Dawn Of A New Economy: Latest Findings on the Habits of the Wealthy

[Joanne98]

New research about America's wealthiest consumers was released today at the American Express Publishing Luxury Summit in Las Vegas. The results confirm that although discretionary spending is growing only modestly, there are changes occurring within the mindsets of today's affluent consumer that can drive America forward in the coming year. Some of the highlights announced by Dr. Jim Taylor, vice chairman at Harrison Group, and Cara David, Senior Vice President, Corporate Marketing & Integrated Media of American Express Publishing, include:

• Luxury consumption to increase by $28 billion
• Affluent and wealthy consumers have become... happier!
• The wealthiest consumers have become... wealthier
• Re-emerging consumers are conducting "Precision-Shopping"
• They are increasingly immune to persuasion
• Xer professionals are now experiencing an "Economic Status Jam"
• Social media remains mainly social, but desire digital information and content is growing... but not at the expense of
traditional media
• Resourcefulness, self-sufficiency, value and needs-based purchasing dominate

These findings come from the 2010 Survey of Affluence and Wealth in America, produced by American Express Publishing and Harrison Group, released today, April 27, 2010. Fielded monthly, 1,910 respondents among the top 10 percent of Americans have been interviewed in 2010 so far. The mean sample household income is $520,000. Each respondent completed a 50-minute questionnaire, covering topics such as shifting attitudes and marketplace priorities, as well as current and anticipated spending on over 18 categories. This is the fourth year of this study, allowing for the tracking of attitudes and behaviors over these difficult years. here the relevant findings:

http://www.luxist.com/2010/04/27/the-dawn-of-a-new-economy-latest-findings-on-the-habits-of-the/

I can't wait until the Bush tax cuts expire!

[Duer 157099]

1. The affluent have become happier, eh?

So this proves that wealth was not making them happy.

Seeing millions of other people suffer, *that's* what makes them happy.

We humans are capable of some really awful illnesses.

[proudohioan]

3. Yeah, how sad is that!!!!! n/t

[Warpy]

2. The differences cited are for new money

I know how old money lives and it sure as hell doesn't live like that.

The house might be big by ordinary standards, and the grounds lush and professionally manicured, but the antiques were handed down by the first one who struck it rich and are threadbare, the car is usually an economy model, and clothing is well cut but hard to spot as being different from anyone else's.

New money thinks that empty space inside them can be filled up by more and more stuff. Old money knows that just isn't the case, lives fairly frugally on income, and never touches the principal. New money is flashy and old money is invisible.