Affluent consumers are more optimistic about the country’s overall economic and business conditions than about their immediate financial prospects, but fewer than a third expect their incomes to decrease in the coming year, according to a survey of U.S. adults with a minimum net worth of $800,000 by the American Affluence Research Center.
Nearly two thirds of affluent adults (65%) own or have access to smartphones and/or tablets. Ownership varies with age, income, and net worth. Those under age 50 are more than twice as likely as those age 60 and older to own smartphones (84% vs. 38%). People with annual incomes of $200,000 or more are more likely than those with incomes below $200,000 to own them (73% vs. 40%).
Half (50%) of affluent consumers who own mobile devices and/or computers use social media such as Facebook, LinkedIn, and Twitter. Of these, Facebook is the most popular (80% of social media users participate), followed by LinkedIn (60%). Women are more likely than men to be Facebook users.
Use of social media decreases with age; 64% of affluents under age 50 use them, compared with 33% of those age 60 and older. Among affluent social media users, 18% have signed up to receive product information or updates from a company on Facebook.
Although four in 10 affluent consumers plan to try and reduce or defer their spending during the next year, vacation travel is a bright spot — 26% expect to spend more on domestic and 20% on international travel.
Affluent men are more likely than affluent women to be planning to buy or lease new cars in the coming year (24% vs. 19%). Affluent consumers under age 50 are more likely than those age 50 and older to be planning to buy vacation homes this year. [Affluent Market, Consumer Spending & Atttitudes]
Source: “The Affluent Market Tracking Study #19, April 15 2011,” American Affluence Research Center, Ron Kurtz, President, PO Box 382, Alpharetta, GA 30009; 770-740-2200; info@affluenceresearch.org; www.affluenceresearch.org. Price: $395; $595 with cross-tabulations.
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