Study shows rich getting richer, more diverse

U.S. households with an annual income of $100,000 and up grew more quickly than any other segment of the U.S. economy, data from the U.S. Census Bureau shows.

The number of affluent households increased almost 13 percent between 2005 and 2006, rising from 19.7 million to 22.2 million.

Among these households, it was those with an annual income of $150,000-$249,999 that experienced the most rapid growth in numbers, census data shows.

In addition, between 2005 and 2006, the number of households with an income between $150,000-$199,999 increased 17.9 percent, while the number of households with an income between $200,000-$249,999 increased 16.2 percent and the number of households that earn more than $250,000 a year increased 10.7 percent.

In analyzing the data, Pam Danziger, president of Unity Marketing, points out that affluent U.S. households also are becoming increasingly diverse.

Census data shows that about 13 percent of affluent households are headed by an ethic minority, 5 percent are headed by a single woman and 30 percent of affluent households are members of Generation X or the Millennial Generation, thereby bringing a more youthful attitude to shopping.

"Given the growing numbers of affluents and the increasing diversity among that population, it is dangerous for marketers to take a 'one-size-fits-all' approach to marketing to these consumers," Danziger said in a media release. "Savvy luxury marketers need to account for differences in buying preferences and behavior among the increasingly diverse segments that make up the affluent population."
Source: nationaljewelernetwork