The news: Affluent consumers in the US have increased their focus on travel and savings rather than buying luxury goods, per the Saks Luxury Pulse. The share of luxury shoppers who plan to spend the same or more on luxury goods fell 9 percentage points between January and late April, dropping from 62% to 53%. The slowdown in spending plans was even more pronounced among affluent consumers.

Beauty and cosmetics: As less-affluent shoppers gravitate toward affordable luxuries instead of high-end luxury, beauty retailers like Sephora and Ulta are likely to sustain momentum through the holiday season.

This is largely due to its large share of affluent cardholders whose discretionary spending habits are less impacted by current inflation woes. And all four networks are expected to grow at a much faster rate than the economy, which is estimated to grow 3.1% in 2022.

UBS will fall behind rivals if it doesn’t focus on attracting younger customers rather than its traditional client base of older, wealthy consumers. A disappointing Q2 for UBS is part of a wider trend of discouraging results for Swiss lenders as fears of a recession hamper dealmaking for European investment banks.

Taking a closer look at cardholders, Kelly said that affluent customers are continuing to strengthen their spending and non-affluent customer spending remains relatively resilient. How we got here: A number of factors likely contributed to Visa’s strong earnings. Travel spending.

At the same time, features from Velocity Black could make Capital One’s lower-tier cards “feel” more premium—features designed for Venture X also appeared on the $99-annual-fee Venture—which might drive interest from mass affluent customers looking for an aspirational product that can deliver more value.

More than 28% of affluent internet users owned a smart home product. The share of smart TV owners passed the halfway mark this year, reaching 51.9%. Penetration remained highest in more affluent households (58.6%) and also above average in the 35-to-64 age bracket.

Among affluent internet users, nearly 22% owned a smart home device this year. However, internet users are already more likely to use a voice assistant than to own a smartwatch, smart wristband, or smart home device.

And I think I would just reiterate the affluent skew here. That's always been Apple's bread and butter. Its ecosystem is growing beyond affluence, of course, as it grows in scale. But you're looking at being able to leverage a low risk affluent consumer. Rob Rubin:.

Their clients are typically high-net-worth individuals and ultra-high-net-worth individuals. Downturn Will Force Short- and Long-Term Change. The market downturn is reshaping the investment landscape. Interest rate hikes aimed at taming soaring inflation and geopolitical instability are exacerbating the global downturn.

Aspiring affluent consumers are another cohort with unmet demand. These consumers haven’t accumulated enough money to work with an advisor, but they have financial needs that require addressing. Pennyworth, a UK-based neobank, wants to build a customer base of “aspiring-affluent” customers who make more than £40,000 ($56,424) annually. 

Penetration of both devices was greatest in the most affluent homes.

Aspiring mass affluent consumers is another segment in the industry with an unmet demand. These consumers haven’t accumulated enough money to work with an advisor, but they do have financial needs that require addressing. Pennyworth, a UK-based neobank, is seeking to build a customer base of “aspiring affluent” customers who make more than £40,000 ($51,294.55) annually. 

Older, affluent internet users remain the primary audience for live radio and print media. More than 58% of male internet users in Russia, and nearly 49% of females, had tuned in to broadcast radio during the month prior to the survey in Q1 2021. Among affluent respondents, 61.8% had listened to live radio, while engagement was far lower among the youngest adults, ages 16 to 24, at 34.5%.

Wells Fargo and JPMorgan both offer private Bitcoin funds to wealthy clients, per CoinDesk. Wells Fargo is also piloting internal blockchain transactions, per Reuters. And Citigroup is building out its digital asset team, per CoinDesk. The big picture: The crypto industry labors under divergent delusions.

Usage was greatest among 16- to 24-year-olds, affluents, and respondents living in cities.

But all traditional media was more popular among older and more affluent respondents.

Smartwatches and smart home devices were more common among males, 25- to 54-year-olds, and internet users in affluent households.

In H1 2021, 18.3% of respondents owned a smartwatch, and penetration had passed 20% among younger adults and affluents. Even gaming consoles benefited from consumers’ changing priorities during the health crisis; penetration bounced back from a dip in 2020, to 39.1%. Social media and voice assistants got more attention in this year’s survey.

Respondents in affluent households posted penetration of 22.1%, and nearly 20% of those 16 to 34 also owned a smart home product.

Males, younger adults, and respondents in affluent households were more likely to own a smartwatch, for example. Females were more likely to have a smart wristband. Smart home devices were most common in higher-income homes and among male respondents. Younger internet users were in the vanguard when it came to voice assistants.

Respondents in affluent homes are in the vanguard here, but even in that group, fewer than 12% owned a smart home product. In most demographics, penetration was under 10%. Takeup of voice assistants has also grown rather slowly.

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Nearly 73% of internet users in affluent homes were also live radio listeners. Print media still reaches more than half of internet users, too; 56.3% of those polled in H1 2021 had read a print newspaper in the month prior and almost as many (52.8%) had read a print magazine.

Ownership was highest (59.8%) among affluent respondents and those ages 35 to 44 (51.9%). No other cohort posted penetration above 50%. As PC and tablet penetration shrank, the average time spent with those devices declined as well.