May 9, 2008 Affluent Households: Outlook Toward the Economy and Effect on Discretionary Spending
Up to this point, our research has shown that the recent economic turmoil has had a minimal affect on affluent households’ outlook and spending habits. That phenomenon of steadiness in an uncertain economy is beginning to change, however.
According to Phoenix’s most recent Affluent Market Survey, in late April, 2008, the majority of both mass affluent and millionaire households are feeling pessimistic about the economic outlook over the next three months. About 10% feel extremely pessimistic, and about half are mostly pessimistic.