The 2013 Survey of Affluence and Wealth in America, conducted by American Express Publishing and the Harrison Group, asked 1,416 Americans in the 10% income bracket about their spending habits and lifestyle decisions, as well as their thoughts on the state of the economy.
Of those surveyed, the vast majority (76%) believe that the recession hasn’t actually ended. “Despite the clear consensus from economists that the recession is over, affluent and wealthy consumers do not believe that a real national recovery — neither economic nor emotional — has occurred,” said Jim Taylor, vice-chairman of the Harrison Group.
Compared to the first quarter of 2012, however, there has been a notable rise in wealthy Americans expected to spend more on luxury hotels and resorts (up 17%), home entertainment and electronics (up 17%), watches (up 10%) , and cars (up 18%).
According to CNN Money, Harley-Davidson motorcycles, which cost upwards of $8,000 have experienced rising sales after the recession caused a sharp fall in demand, and expect sales of around 250,000 bikes this year, up from 223,023 in 2009. Similarly, luxury car manufacturers such as Bentley and Porsche have been reporting rising sales in late 2012 and early 2013.
The recently-released Pew Research Centre report may offer some explanation for this apparent contradiction. The study showed that from 2009 to 2011, the mean net worth of households in the top 7% rose by 28%, helped by the stock market taking off, while everyone else collectively saw their wealth drop by 4% over this same time span.
“It has been a very good recovery for those at the upper end of the wealth distribution,” Paul Taylor, executive vice president of the Pew Research Centre, told the Washington Post.
Source: Business.time.com
