Affluent Report Higher Spending Online and in Total for
December Holiday Gifts in New Survey
Despite all the available statistics and estimates of total online and holiday gift spending, it is hard to find definitive data about what the affluent consumer spent.
The new spring survey of the American Affluence Research Center found that a few more of the affluent bought December 2013 holiday gifts (and spent about 24% more on average) than what was estimated in its fall 2013 survey.
Among the affluent, 97% reported buying holiday gifts in the new survey while 95% had reported plans to do so in the fall 2013 survey.
The average total expenditure for holiday gifts was $2,694 or 24% more than the $2,175 the affluent had expected to spend, according to the fall 2013 survey.
Total holiday gift spending by the affluent was about $30 billion or about 27% more than had been forecast by the fall 2013 survey.
The biggest spenders were those with $6 million or more net worth (average $5,337 spent), those with $200K+ income ($3,382 spent), men ($2,927 spent), and those age 50 to 59 ($2,859 spent).
On average, the affluent reported spending an average of 38% ($844) online and 50% ($1,096) in stores. Within various demographic segments, those who spent the most online were under age 50 (48% of total expenditures) and those with $200K+ income (43%).
Total gift spending by the affluent equaled about $15 billion in stores and $11.4 billion online. The remaining $3.6 billion was spent primarily in “other”, which is presumably cash and checks for the most part, and a very small amount by phone.
The Spring 2014 Affluent Market Tracking Study #25, the latest in a series of twice-yearly surveys, is based on a national sample of 330 men and women who have an average annual household income of $268,000, an average primary residence value of $1.1 million, an average net worth of $3.1 million, and average investable assets of $1.5 million.
Detailed highlights of the Spring 2014 survey and a description of the methodology can be viewed here
A complimentary copy of the 52-page, 41-exhibit report is available to the media.
About Us: Established in 2001 and with an exclusive focus on the affluent market, The American Affluence Research Center conducts the original and only continuous twice-yearly tracking studies of the mood and future spending plans of the wealthiest 10% of U.S. households based on net worth. AARC has become a recognized authority and a credible source of reliable insight and marketing information about the values, lifestyles, attitudes, and purchasing behavior of America’s most affluent consumers.