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Affluent Market Tracking Study #16, Fall 2009 Survey of the Wealthiest 10% of US Households

American Affluence Research Center
October 1, 2009
39 Pages - SKU: AAFR2473331

Abstract Table of Contents Related Reports

Countries covered: United States

The 16th in a continuing series of research reports based on twice-yearly surveys of the most affluent 10% of U.S. households, this survey was designed to answer 7 important questions about marketing to the affluent and luxury consumers:

Should you be concerned about the prevalence of the concepts of "stealth wealth" and "luxury shame"?
What is the "new normal" and will the affluent return to pre-recession levels of spending?
Which segments of the affluent have been reducing/deferring expenditures, which segments will do so over the next 12 months, and which segments are not cutting back?
What are the spending plans for December holiday gifts?
Which of 8 major expenditures do the affluent expect to make during the next 12 months?
How do the affluent expect to change their spending for 17 products and services during the next 12 months?
What do the affluent expect of the stock market, business conditions, and their personal income during the next 12 months?

Focused on the wealthiest 11.2 million households with an average $3.1 million net worth (as determined by The Federal Reserve Board) these surveys regularly measure and track their 12-month outlook for the economy, the stock market and their personal earnings, savings, investment objectives, and spending plans for 17 product categories and 8 major expenditures.

This survey contained questions to help identify which segments of the affluent market are reducing or deferring expenditures (and which are not) due to current economic conditions, why they are reducing their expenditures, and for what types of products and services spending is being cut back. Related to this are questions regarding the existence of and affect on spending of feeling self-conscious about their financial situation being stronger or better than that of their friends and family (i.e. the concepts of “stealth wealth” and “luxury shame” that have been advanced by some retail and luxury consultants).

Also included were questions about spending plans for Christmas and Hanukah gifts, the factors that will influence their return to pre-recession levels of spending (related to the concept of the “new normal”), expected percentage change in 2009 income, percentage of income to be contributed to savings, and estimated time to achieve the end of the recession, an 8% rate of unemployment, the Dow Jones Index at 11,500, and a 20% increase in the value of their savings and their home.

The surveys track plans for major purchases (vacation homes, primary residences, home remodeling, automobiles, boats, and cruises) during the next 12 months. The survey also tracks anticipated changes in spending during the next 12 months for 17 categories of products and services. These include fine jewelry and watches, domestic and international travel, dining in casual and upscale restaurants, furniture, major appliances, entertainment equipment, home computer equipment, entertainment, recreational activities, collectibles, designer and non-designer apparel, and charitable and political contributions.

For much of the preceding, the report shows historical trend data and data by demographic segment within the overall affluent population.

Research Methodology

Unlike other affluent and luxury market research that is based on online surveys of panels of people who are compensated for participating in regular and frequent surveys, our unique direct mail surveys are based on samples drawn at random to be representative of the precisely defined population of affluent households, consistent with the research of the Federal Reserve Board. Confident of their anonymity, the respondents to our surveys are typically more affluent and more open in providing confidential information.

Surveys were mailed to a randomly selected, national sample of 5,000 men and women in households that, based on their income and ownership of certain assets, were expected to meet the minimum net worth requirement of $800,000.

The profile of the sample is as follows: $300,000 average household income, $3.1 million average household net worth, and $1.6 million average household investable assets. The average value of their primary home is $1.2 million. The average age is 56 while 88% are married and 55% are males. The sample represents 37 states plus the District of Columbia.

The overall survey response rate was 18 percent. These survey results are based upon the 684 men and women who promptly responded to the survey and met the minimum net worth requirement. The maximum margin of error of this survey, at 95% confidence, is five percentage points.

Additional Information

These surveys focus on the 11.2 million households that represent the wealthiest 10% of all U.S. households, based on net worth. The research available from The Federal Reserve Board indicates these households:

Have a minimum net worth of $828,000.
Have an average net worth of $3.1 million.
Have an average income of $256,000.
Earn 36% of the total income of all Americans.
Own 63% of the personal assets of all U.S. households.
Hold 89% of the total value of all publicly traded stock and stock mutual funds in the U.S.
Own a primary residence valued at an average of $651,000.

Please Note: Data is delivered in a Word Zip File

Introduction
Survey Highlights
Respondent Profile: Geography, Age, Gender, Net Worth, Income, Investable Assets
Affluent Consumer Expectations (ACE) for Economy, Stock Market, and Household Income: Future Business Conditions; Expectations for Stock Market and Household Income; Economic Outlook by Selected Demographic Segments; Historical Affluent Consumer Expectations (ACE) Indexes
Outlook for Household Income and Savings/Investments: Expectation for Household Income Changes in Savings Expectations by Demographic Segments and Historical Savings Indexes; Percentage of Income to be Contributed to Savings and Investments; Primary Investment Objectives; Plans to Purchase 8 Major Items in Next 12 Months17-1; Historical Plans to Purchase 8 Major Items; Future Spending Indexes by Selected Demographic Segments; Expected Changes in Spending for 17 Products and Services; Historical Indexes for Expected Changes in Spending; Future Spending Indexes by Selected Demographic Segments; Historical ACE Spending Indexes for Durables, Leisure, and Travel
Impact of Economic Conditions on Spending by the Affluent: Actions Taken (or Not) to Reduce or Defer Recent and Future Expenditures; Reasons for Reducing or Deferring Expenditures - Historical Comparison; Reasons for Reducing or Deferring Expenditures by Selected Demographic Segments; Reasons for Reducing or Deferring Expenditures- Frequency Distribution by Number of Responses; Spending Plans: 8 Major Items and 17 Products Among Those Reducing/Deferring Expenditures
Feeling Self-Conscious about Financial Situation and the Affect on Spending: Feelings of Self-Consciousness by Selected Demographic Segments; Reduced or Deferred Spending Due to Appearance of Stronger Financial Situation; Frequency of Reduced or Deferred Spending Due to Appearance of Stronger Financial Situation31; Types of Expenditures Reduced or Deferred
Expected December Holiday Gift Spending
Expected Time to Achieve Economic Recovery and Affect on Spending: Factors Influencing Return to Pre-Recession Spending Levels; Time to Achieve End of Recession; Time for Unemployment to Decline to 8%; Time for Down Jones Index to Rise to 11,; Time for Home Values to Rise 20%; Time for Value of Savings to Rise 20%
The American Affluence Research Center
Mailing Lists of the Affluent

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Affluent Market Tracking Study #16, Fall 2009 Survey of the Wealthiest 10% of US Households

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