Wealthy Consumers Expected to Drive Demand This Year

“The consumer economy may look weak. But the affluent and wealthy consumers are ramping up their spending – and that could help drive the broader economy this year.

Two new studies show that wealthier consumers plan to increase their spending despite higher taxes and a generally skeptical view of economic growth and government.

A study from the American Affluence Research Center looked at the top 10 percent of consumers by income who account for more than half of consumer spending. It found that the majority of them plan to spend the same or more in 2013 as they did in 2012….”

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