Another consumer spending forecast for the holidays came our way this week. This one, published by Forbes Insights – in conjunction with Big Research – focuses on affluent consumers. Marketers who want to boost sales this holiday season should keep this consumer group to the front and center of their ad campaigns.
The type affluent consumer, earning over $100,000 a year, will be working with a holiday budget that approaches $1,850. This is a 2% jump over last year’s spending and it also far exceeds what the average consumer will be spending: $630.
Marketers of all types can benefit from the spending plans of the well-heeled set. For example, the gift budget for friends and families will amount to $742. And then there is the outlay for holiday decorations ($100), flowers ($63), and special seasonal foods and candy ($156).
And as long as they’re in the buying mood, these consumers say they’ll be picking up a few things for themselves or family members. These non-gift items will account for about $376 of the holiday spending budget.
The well-off shoppers are already making purchases online and in the stores. And they have put their friends and families on notice regarding what they expect to receive this year. The wish list includes gift cards (45%), books, apparel, music, movies and video games (50%), and electronics (40%).
The Forbes Affluent Consumer Tracker (FACT) insights was based on 841 consumers who have household incomes that exceed $100,00 and were fielded from a sample of 8,500 adults.
The good news is marketers can benefit from promoting themselves to this demographic group to boost holiday sales and to earn the loyalty and business of a new set of customers.[Source: Affluent Consumers Plan to Spend $1,000 Plus. Forbes Insights. Forbes.com. 2011 Web. 16 Nov. 2011]