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Portfolio > Economy & Markets > Fixed Income

Affluent Consumers Spend 35% Less On Extras

By Staff Writer

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NU Online News Service, Nov. 30, 2004, 3:43 p.m. EST

Interest in jewelry, foreign travel and other luxuries fell between the second quarter and the third quarter.[@@]

Researchers at Unity Marketing Inc., Stevens, Pa., have published data supporting that conclusion in a report on the firm’s third quarterly luxury consumption tracking survey.

The firm, which started the survey series at the beginning of the year, says its Luxury Consumption Index fell to 96% in the third quarter, down from 103.7 during the second quarter.

The firm bases the index on a survey of about 717 U.S. adults living in homes with annual household incomes over $75,000.

Only 19% of the affluent consumers said they were spending more on luxuries, and total luxury spending dropped 35%, to $2,779.

But Unity says a survey conducted immediately after the fall elections suggests that affluent consumers’ interest in luxuries may be rebounding.

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