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Affluent Market Tracking Study #14, Fall 2008Published by: American Affluence Research Center Published: Oct. 23, 2008 - 38 Pages Table of Contents
AbstractThe 14th in a continuing series of research reports based on twice-yearly surveys of the most affluent 10% of U.S. households (a total of 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 current views as well as their 12-month outlook for the economy, the stock market and their personal earnings, savings, and investment objectives.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 studies 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. This survey explored how affluent consumers define luxury by asking what is the most they could imagine spending for 37 different products and services and the brand they would most likely purchase. This survey also contained questions on the 2008 presidential election, including political party affiliation, plans to vote, key issues most influential in selecting a candidate, and the candidate for whom they will most likely vote. 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 This research is based on self-administered questionnaires 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: $304,000 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 55 while 86% are married and 60% are males. The sample represents 33 states plus the District of Columbia. The overall survey response rate was 14.0 percent. These survey results are based upon the 552 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. Please Note: Data is delivered in a Word Zip File. Get Full Details About This Report >> |
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