Consumers spending less on luxury

Upholstery Journal | April 2009

Affluent shoppers are spending less on upscale home furnishings, according to marketing consulting firm Unity Marketing.

During the fourth quarter of 2008, the consumers surveyed spent 6.4 percent less on luxury items than they did during the fourth quarter of 2007. Luxury items include high-end home furnishings, fashion accessories, kitchenware and electronics.

Unity Marketing credits the economic downturn for this trend. The survey suggests that these consumers, who at one time were considered to be independent of the economy, are conserving cash while remaining optimistic about the future. However, it also suggests this group’s frugality might become a habit in the future.

Survey respondents—61 percent female and 39 percent male—earned average incomes of $199,200 and were an average age of 45.6 years.

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