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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. READ MORE AT PR NEWSWIRE