No Spending Changes For Wealthy Households


    The country’s wealthiest households – which account for nearly half of all consumer spending ‒ have no intention of cutting back on household spending this year, says a study by the American Affluence Research Center. Of this 10 per cent of households, more than half do not plan to reduce or defer their expenditures in eight major categories (such as autos, homes, and home improvements) and 17 products and services (such as vacation travel, entertainment activities, home good durables, apparel, and fine jewelry) over the next year. “Seventy per cent of them seem to be fairly positive about having the same or higher net worth and 60 per cent expect their income to be the same or higher during the next 12 months,” says Ron Kurtz, a representative of the American Affluence Research Center. “As a result, most are apparently not feeling pressure to reduce or defer expenditures.”