For many US affluents, big-ticket luxury purchases are few. Concentrated in metro areas where the cost of living is high, affluents often feel constrained in their spending and are on the lookout for bargains in their day-to-day shopping. They leverage their above-average ownership of digital devices to do research and compare prices to ensure they get the most for their money. Affluents are also short on time and willing to spend money to save it. For this demographic, convenience is itself an important luxury.
As with nonaffluents, the biggest chunks of affluents’ spending go toward shelter and food. Looking at data from the US Department of Labor Bureau of Labor Statistics, one sees the same general patterns of spending for affluents and nonaffluents—the difference being that affluents buy more of everything. Read the rest at eMarketer.