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Luxury Spending By Affluents In 2013 [TABLE]

Table - Luxury Spending By Affluents In 2013

18% of affluents (adults 18+ with household income of at least $100k) plan to increase their luxury spending in the next 12 months, compared to 15% who expect to rein in such spending, finds Ipsos MediaCT in its latest Mendelsohn Affluent Barometer, conducted in December 2012. That’s a significant reversal from October 2012, when just 13% anticipated spending more over the coming year, compared to 18% who anticipated a contraction in spending. Ultra affluents – with household income of at least $250k – have an even more buoyant outlook. 24% of this wealthy segment of the population plans to up spending on luxury items in the next 12 months, versus just 3% who will cut back. That compares with just 7% who anticipated an increase and 9% who forecast a decrease only 2 months earlier.

While those signs are positive for luxury brands, there is a slight bit of less encouraging news. In December, 7% of affluents said they didn’t plan to spend anything on luxury, up from just 1% in October. Similarly, 3% of ultra affluents said they wouldn’t spend on luxury, while none had said that a couple of months prior. Read the rest at MarketingCharts.