Luxury Consumer Research – Wealthy Consumers Report Lower Plans to Cruise
A record low level of cruise purchases by wealthy consumers is suggested by the most recent survey in a series of twice-yearly studies that began in Spring 2002.
Negative attitudes about the current economy and the economic outlook for the next 12 months are contributing to plans for fewer cruises by affluent consumers during the next year, according to the Spring 2009 Affluent Market Tracking Study #15 conducted by The American Affluence Research Center.
In the Spring 2009 survey of the wealthiest 10% of all U.S. households, intentions to cruise during the next 12 months dropped to only 12% of the affluent consumers, continuing a slide that began in the Spring 2008 survey. Equal to potential cruise purchases by 1.3 million households or 2.6 million total cruisers over the next 12 months, the wealthy consumers will still represent over 20% of the total U.S. cruise market.
Intentions to cruise have been as high as 22% (Fall 2007 survey) and have typically ranged from 15% to 19% since the inception of these surveys. As in prior surveys, those most likely to cruise during the next 12 months are age 60 and over (16%) and those with a net worth of $6 million or more (18%).
The survey respondents indicated a negative 12 month outlook for business conditions and personal household income. They also reported declines in their net worth, as a result of substantial declines in the value of their home and their investments/savings during the past two years. Together, these factors have contributed to a general attitude toward reducing or deferring expenditures in all areas.
The intentions to take fewer cruises are consistent with the overall mood of the affluent market. Over 80% of the survey respondents reported that they had made a general effort to reduce or defer expenditures during the past 12 months, would make a conscious effort to do so during the next 12 months, or had both done so in the past and would continue to do so in the future.
The survey is representative of the population of the most affluent 11.2 million households in the U.S. that account for almost 40% of total personal income and two-thirds of the personal wealth of all Americans.
The 640 men and women included in the national survey have an average annual household income of $290,000, an average primary residence value of $1.2 million, an average net worth of $3.1 million, and average investable assets of $1.4 million. This survey of the affluent market has a maximum margin of error of five percentage points at the 95% confidence level.
These surveys track how affluent consumers assess current business conditions and their 12-month outlook for the economy, the stock market, personal household income, and their spending plans for different products and services that include major appliances, home computers, furniture/furnishings, home entertainment equipment, casual and upscale dining out, entertainment, recreation, domestic and international travel, designer and non-designer apparel, collectibles, fine jewelry, and political and charitable contributions.
About the Author
The American Affluence Research Center, led by AARC President Ron Kurtz, provides marketing research and mailing lists of affluent consumers to prominent companies targeting the affluent market, commonly referred to as The Luxury Market. AARC is an independent, private research organization dedicated to providing reliable marketing information about the values, lifestyles, attitudes,investments, and purchasing behavior of the most affluent segments of the U.S. population through both custom and multi-client surveys.
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