The Diversification of Affluent Americans: Hispanic, Asian, and Multicultural Consumers Gaining Wealth and Buying Power in U.S. Economy
ROCKVILLE, Md., Oct. 12, 2017 /PRNewswire/ — The rich are becoming richer—or at least are adding to their ranks. Between 2010 and 2016 the number of affluent consumers—i.e., U.S. adults with a household income of $250,000 or more—jumped from just over 7 million to slightly above 14 million Americans, an increase of 91%. Market research firm Packaged Facts published these findings in the recent report Affluent Consumers: Demographic Patterns and Spending Trends, 7th Edition.
“Although affluent consumers currently comprise just 6% of the adult population, they accounted for 44% of growth in the adult population during the 2010 through 2016 period,” says David Sprinkle, research director, Packaged Facts.
Among the most important revelations found in the report is that the affluent consumer market segment has begun to reflect the ongoing change in the demographics of the American adult population as a whole. Namely, affluent multicultural households are on the rise and represent a growing opportunity. Packaged Facts’ definition of multicultural consumers includes Hispanics, Asians, and African Americans, among other ethnic minorities.
Packaged Facts estimates that between 2010 and 2016 around 700,000 multicultural households joined the ranks of the affluent. Growth in the number of affluent multicultural households was more than twice that occurring among non-Hispanic white households (178% vs. 82%). Notably, multicultural households represented 22% of all affluent households in 2016, compared to just 16% in 2010.
“It will be interesting to see how marketers, retail players, financial institutions, and others business sectors adjust and evolve to better connect with this increasingly diverse and undeniably influential consumer demographic,” says Sprinkle.
About the Report
This report focuses on the affluent consumer market defined as adults with a household income of $250,000 or more, and also looks at consumers with a household income of $500,000 or more.
View additional information about Affluent Consumers: Demographic Patterns and Spending Trends, 7th Edition, including purchase options, the abstract, table of contents, and related reports at Packaged Facts’ website: https://www.packagedfacts.com/consumer-demographics-c81/.
About Packaged Facts
Packaged Facts, a division of MarketResearch.com, publishes market intelligence on a wide range of consumer market topics, including consumer demographics and shopper insights, consumer financial products and services, consumer goods and retailing, consumer packaged goods, and pet products and services. Packaged Facts also offers a full range of custom research services.
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SOURCE Packaged Facts