Wednesday, September 09, 2009
Ylan Q. Mui, Washington Post,
Ylan Q. Mui, Washington Post,
Waiting for Deep Pockets to Open
Recovery May Well Wait on the Wealthy to Step Up Their Spending.
Affluent shoppers are the most important segment of consumer spending, which in turn drives the national economy. The top 20 percent of the nation's households -- with income of at least $150,000 -- account for 40 percent of all spending, according to government data. That makes them a crucial spoke to any turnaround.
"Unless these people turn up, a lot of companies won't turn up," said Milton Pedraza, founder of the Luxury Institute, a consulting firm. "When they are not spending, it definitely impacts all of us in a negative way."
Conditions are beginning to improve for the well-to-do.
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Posted by Editor on 09/09/09 at 05:26 AM •
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