Looks like the Joneses are jonesin' for a new kitchen... or maybe a bathroom.
A new survey from the American Affluence Research Center found that the number of affluent Americans planning to make large purchases this year—including major home renovations—has finally returned to pre-recession levels. The survey polled more than 300 households with a minimum net worth of $800,000.
Prior to 2008, respondents who had no plans to make a large purchase held steady at around 45%. Since then, even the wealthiest Americans have tightened their belts, and that number rose to between 50% and 60%.
Now, penny-pinchers are back to a 45% minority, meaning more than half of all the affluent respondents—who represent the wealthiest 10% of American households—do plan to either remodel, upgrade to a new home, purchase an second (or third?) home, buy a new car, go on a cruise, or make another large purchase.
The American Affluence Research Center's detailed study is available for purchase on the organization's website for $500, or $700 with the full suite of relevant charts. Respondents reported an average annual income of $268,000, average net worth of $3.1 million, and an average primary residence value of $1.1 million.
This writer, on the other hand, is reporting a feeling of inadequacy.
Hero image: Flickr user "Photo Dean" (CC BY-NC-ND 2.0)
Our editors review and recommend products to help you buy the stuff you need. If you make a purchase by clicking one of our links, we may earn a small share of the revenue. However, our picks and opinions are independent from any business incentives.
Be in the know! Get Reviewed.com news and reviews straight to your inbox.
Thanks for signing up!