Affluent Consumers Are Less Confident

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    Consumer confidence among the affluent is up 9.3 points in the third quarter of 2014, says the ‘Luxury Consumption Index’ by Unity Marketing. The index finds mass-affluent HENRYs (high-earners-not-rich-yet) are financially skittish, while the top two per cent of ultra-affluents feel on stable financial ground, but are opting for inconspicuous consumption. Compared to last quarter, affluent consumers in the third quarter of 2014 are nearly 20 per cent more confident in their financial status and standing based upon five key measures of consumer confidence. Yet despite the strong gain in the third quarter, the LCI didn’t make up for its 15.9 point loss in the second quarter of 2014. As a result, today’s affluent consumers are less confident about their financial status and the direction of the country overall than at the start of 2014.