Published on : Nov 18, 2016
Albany, New York, November 18, 2016: The U.K. affluent consumer market has always been more important to the luxury brands worldwide. But now, the affluent consumers who are the primary targets for luxury brands are changing. Market Research Hub (MRH) has just published a new report to their offerings that tells the detailed information of the key trends that are shaping the future of the U.K. consumer market.
Firstly, the report outlines the brief overview about the prosperous market along with the changes in demographics, attitudes and values that will bring different opportunities as well as challenges to the marketers who are trying to reach this consumer segment with the highest spending power. Affluent consumers are less expected to live in small towns and rural areas outside the 100 largest metropolitan areas. There are 62 million American consumers living in affluent households in which New York metropolitan area contains more affluent households by far than any other. The 2.1 million well-off households in the New York represent 9% of all affluent households.
Most of the people in U.K. are the target audience to the market due to their huge lifestyle activities and these leveraging lifestyle trends also drive consumers to the various stores. Today’s affluent consumers, with incomes of $100,000 or above and roughly the top 20% of the 123 million U.S. households, have largely recovered the markets from the recession and have plenty of cash in hand to spend. It has been noticed that 21% of affluent consumers eat out at least once a week, retailers are tapping into booming fitness trends because affluent consumers take health treatment (Including massage, reiki) at least once a month. It has also created an opportunity for the spa market.
According to the report, affluent consumers have the energy and financial ability to buy from various Britain brands. It is also observed that marketing and products from British origin are important in ensuring the future growth of the economy.
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Further, the report discusses about the issues and insights that are reducing the market proficiency. For the marketers, family time proves a top priority. In fact, businesses will profit by assessing the factors involved in the purchasing decisions made by affluent consumers; keeping them in mind for forward planning. It makes sense to cater for a relatively small number of population if they are responsible for half the nation's consumer spending. This fact alone reveals that this market does spend, even though they spend carefully and wisely.
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