The survey respondents indicated a negative 12 month outlook for business conditions and personal household income. The record high was 34% in the Spring 2005 survey.
Accurate documentation low level of major remodeling phoenix projects by affluent consumers is suggested by the most up-to-date survey in some twice-yearly studies that began in Spring 2002.
Negative attitudes in regards to the current economy and the economic outlook for the next 12 months are adding to plans for deferring major remodeling phoenix projects by affluent consumers throughout the next year, based on the Affluent Market Tracking Study #15 conducted by the American Affluence Research Center.
In the Spring 2009 survey of the wealthiest 10% of all U. S. households, only 10% of the affluent consumers reported plans for major remodeling phoenix during the next 12 months. Equal to 1. 1 million remodeling phoenix projects, this is less than half the quantity in the Spring 2008 survey and a record low. The record high was 34% in the Spring 2005 survey.
The incidence of remodeling phoenix plans is highest among those under age 50 (14%), those with income above $200, 000 (13%), and people with a net worth of $6 million or even more (13%).
The survey respondents indicated a poor 12 month outlook for business conditions and personal household income. Additionally they reported declines in their net worth, due to substantial declines in the value of these home and their investments/savings in the past couple of years. Together, these factors have contributed to a general attitude toward reducing or deferring expenditures in every areas. The low intentions to remodel are consistent with the entire mood of the affluent.
The survey is representative of the population of the very affluent 11. 2 million households in the U. S. that take into account almost 40% of total personal income and two-thirds of the personal wealth of all Americans.
The 640 men and women included in the national survey have an average annual household income of $290, 000, an average primary residence value of $1. 2 million, an average net worth of $3. 1 million, and average investable assets of $1. 4 million. This survey of the affluent market features a maximum margin of error of five percentage points at the 95% confidence level.
These surveys track how affluent consumers assess current business conditions and their 12-month outlook for the economy, the stock exchange, personal household income, and their spending plans for different products and services that include major appliances, home computers, furniture/furnishings, entertainment equipment, casual and upscale eating out, entertainment, recreation, domestic and international travel, designer and non-designer apparel, collectibles, fine jewelry, and political and charitable contributions.
