media research center
media research center
Luxury Consumer Research—Affluent Market for Vacation Homes Looks Gloomy for Full Ownership and Private Residence and Destination Clubs
The potential market for vacation homes, including full ownership and private residence and destination clubs, has declined substantially from 2007 levels, reflecting losses in net worth and a negative 12-month outlook for the economy and personal income among the wealthiest 10% of US households surveyed in March 2009 by The American Affluence Research Center.
The American Affluence Research Center has studied this market every 2 years since 2005. The Spring 2009 Affluent Market Tracking Study #15 includes relevant comparisons to the 2007 survey results.
Only 4.1% of the respondents indicated serious consideration of the acquisition of a wholly-owned second home during the next 12 months versus 9.8% in 2007. Intent to consider a time share or a private residence or destination club totals less than 1% and is essentially unchanged from 2007.
About 6 in 10 of the affluent market indicate no familiarity with either the private residence or destination club concepts, despite the growth in the numbers, the marketing expenditures, and the media exposure of companies offering these concepts. This represents little or no change in the level of concept familiarity over the past two years. Just over one- third indicated familiarity with the private residence club concept, with 3 in 10 indicating familiarity with the destination club concept. This represents some modest improvement from the 2007 study for both.
Concept familiarity is highest among the higher income and net worth groups. For the private residence club concept, familiarity is about 45% among both the $200K+ income and $1.5M+ net worth segments. For the destination club concept, familiarity is about 40% among the same 2 segments.
Among those indicating familiarity with the private residence club concept, 72% did not name a brand or company with which they are familiar. The other quarter named a hotel-affiliated brand most frequently. Some brands/companies not participating in the business were incorrectly named, thus indicating some confusion about the concept.
Among those indicating familiarity with the destination club concept, 82% did not name a brand with which they are familiar. As some brands/companies were named incorrectly, this indicates some confusion about the concept. Exclusive Resorts was the most frequently and correctly named brand, but by fewer than one in five of those naming a brand.
Among those indicating familiarity with the private residence club concept in the current survey, 12% did not check any of the listed brands (compared to one in five in 2007) as ones they had heard of. Those checking one or more brands averaged 2.9 brands, with 4 of the hotel-affiliated brands checked most frequently.
Among those indicating familiarity with the destination club concept, over half did check at least one of the listed brands as one they had heard of. This was a slight improvement over the 2007 survey. Those checking one or more brands averaged 1.6 brands, with Exclusive Resorts checked by almost two-thirds of the respondents. This is relatively consistent with Spring 2007 results. Ultimate Escapes did not have the recognition of its predecessor Private Escapes.
Over 28% of the sample reported full ownership of a second home with just over half (56%) of the homes used throughout the year and just under half (44%) used primarily on a seasonal basis. An additional total of 15% reported partial access to a vacation home, primarily through a time share, but also through private residence and destination clubs.
As might be expected, the ownership for wholly-owned second homes was most prevalent among the $6M+ net worth group (64%) and the $1.5M to $6M segment (34%). Vacation home ownership was also higher among age 60+ and those with an income of $200K+. Time share ownership was most prevalent among those with an income of $200K+ and those with a net worth of $1M to $1.5M.
The value of the second home generally increased with increases in income, net worth, and the value of the primary residence. The second home at an average value of $781,000 is typically valued at about two-thirds that of the primary residence ($1.2 million).
Second homes used year-round apparently fell by “only”11% in average value, compared to the values reported in the 2007 survey, while those used seasonally declined by 35% in average value.
The survey respondents indicated a negative 12 month outlook for business conditions and personal household income. They also reported declines in their net worth, as a result of substantial declines in the value of their primary home and their investments/savings during the past two years. Together, these factors have contributed to a general attitude toward reducing or deferring expenditures in all areas.
The intentions to acquire a new vacation home are consistent with the overall mood of the affluent market. Over 80% of the survey respondents reported that they had made a general effort to reduce or defer expenditures during the past 12 months, would make a conscious effort to do so during the next 12 months, or had both done so in the past and would continue to do so in the future.
The survey is representative of the population of the most affluent 11.2 million households in the U.S. that account for 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 has a maximum margin of error of five percentage points at the 95% confidence level.
About the Author
The American Affluence Research Center, led by AARC President Ron Kurtz, provides marketing research and mailing lists of affluent consumers to prominent companies targeting the affluent market, commonly referred to as The Luxury Market. AARC is an independent, private research organization dedicated to providing reliable marketing information about the values, lifestyles, attitudes,investments, and purchasing behavior of the most affluent segments of the U.S. population through both custom and multi-client surveys.
reagan and owe-bama have similar numbers?
regarding unemployment, housing(except mortgage rates during reagan was higher) and the stock market. good or bad for owe-bama or reagan, in the sense reagan got 90% negative coverage, according to the media research center and owe-bama has gotten 8% negative coverage. thoughts. thanks
Reagan and the unpopular carter more or less caused the recession by way of the Volcker shock to curb inflation. So in this way it was easier to blame them for creating the highest unemployment since 1930. However Obama didn’t cause the recession and no-one sees it this way.
Valentine Show – Arizona Immigration Law – Tea Party HD – 7/30
|
|
iHome iP43LVC Dual Alarm Clock Radio for your iPod/iPhone with Pillow Shaker (Blue) $75.95 iHome IP43 Desktop Clock Radio – Apple Dock Interface IP43LV Clocks… |
|
|
Dual Alrm Clck Rad Iphone/ipod Purple Charge Play Or Wake $91.77 iHome IP43UV Desktop Clock Radio IP43UV Clocks… |
|
|
Alex Super Baking set – 18 Piece Metal and Plastic Set $16.99 Measure, mix, prep, and bake some imaginary treats| This 18-piece set features a loaf pan, bear pan, heart pan, mixing bowl, rolling pin, whisk, measuring spoons and cup, pastry wheel, 2 star cookie cutters, 2 heart cookie cutter, and an oven mitt. Bon Appetit|… |
|
|
Passion of the Christ: Songs (Original Songs Inspired by the Film) $7.00 … |
|
|
Egyptian Hieroglyphs Made Easy $26.50 Learning and understanding of the ancient Egyptian hieroglyphic language. The hieroglyphic script was the longest lived and earliest form of the Egyptian language. Its use was limited primarily to religious and monumental inscriptions, whereas a more cursive script called hieratic was preferred for administrative and epistolary purposes. Hieroglyphic Egyptian employs pictures of objects, each with… |
|
|
Promised Land [CD-ROM] Queensryche’s follow-up to the double-platinum Empire is something of an acquired taste, but it’s well worth the effort. There’s considerable variety here; the heavy progressive-rock of “I Am I” and the ballad “Bridge” were hit singles, but there’s also the funk-inflected “Disconnected”, the edgy, spooky “Lady Jane”, and the piano-and-vocals “Someone Else?”. The title track is probably the stronge… |
|
|
2.5mm Hands-Free EarBud Headset + Car Kit Vehicle Plug in Adapter + Home Travel Wall Charger for ATT Nokia Mural Grouper 6750 Cell Phone $5.99 Brand new premium quality MP3 Earbud and hands-free headset for your cell / smart / PDA phone. Acoustically tuned speaker for improved sound clarity even in noisy environments. Soft covered ergonomic earpiece for comfort even over extended periods. **Phone & Ear bud features are limited to the phone’s capability and the service provider’s default settings. Please consult with your phone’s user man… |
|
|
Modern Woman 6 – Vinyl Wall Decals Murals Stickers Art Graphic – 39H x29W – by üBer Decals Better than wallpaper, wall stickers are a perfect way to decorate your room and express yourself. They are a fun, easy and removable decor solution. These stickers are pre-cut and will only take you several minutes to apply on any surface – walls, doors, windows, and more. Each of our designs come with easy instructions to follow. This is an original design from uBer Decals. All other sellers are… |
|
|
Scarface – Vinyl Wall Decals Murals Stickers Art Graphic – 44H x29W – by üBer Decals Better than wallpaper, wall stickers are a perfect way to decorate your room and express yourself. They are a fun, easy and removable decor solution. These stickers are pre-cut and will only take you several minutes to apply on any surface – walls, doors, windows, and more. Each of our designs come with easy instructions to follow. This is an original design from uBer Decals. All other sellers are… |
|
|
Omaha Steaks Prime Rib Roasts Prime Rib Roasts… |
|
|
KIKE CALVO photo illustrations FREAKLANCES Collection – Freaklance Fausto with bike graphic tablet and keyword – Coffee Gift Baskets – Coffee Gift Basket $44.99 Freaklance Fausto with bike graphic tablet and keyword Coffee Gift Basket is measuring 9x9x4. Contains 15oz mug, BONUS free set of 4 coasters, biscotti and 5 blends of gourmet coffee. French Vanilla, Kenya AA, Decaf Colombian Supremo, Chocolate and Italian Roast Espresso elegantly presented in our signature black planet coffee gift box. A very nice and thoughtful gift for any occasion…. |
|
|
Betty Lous Organic Harmony Hippy Happy Apple Bar Case Pack 24 – 683021 $116.33 1.75 oz bar. Vegan. USDA organic. Ingredients: organic apple cinnamon granola [organic oats, organic maple syrup, organic oat flour, organic crisped rice (organic brown rice, malt syrup - GF, sea salt), organic brown rice syrup, organic walnuts, organic sunflower seeds, organic expeller pressed high oleic sunflower oil, organic unsulfured dried apples, organic cinnamon, organic vanilla, sea salt],… |
|
|
Lilyette Women’s Minimizer Bra #427 $32.00 Experience the elegance of our Lilyette® Simplex Minimizer Bra with Embroidery!Minimizes your bust Elegant embroidery adds femininityNo wire poke throughFlexible fitFabric ContentCups: 69% Nylon, 31% Lycra® ElastaneEmbroidery: 57% Rayon, 31% Nylon, 12% PolyesterBack: 92% Nylon, 8% Lycra® ElastaneImported… |
|
|
Kuzy® – RED Keyboard Silicone Cover Skin for Macbook / Macbook Pro 13 15 17 Aluminum Unibody $2.00 Dress up your MacBook Pro in fashionable color, silicone protection now. *** Will Not fit MacBook Air 11″ ***… |
|
|
Lilyette Women’s Plunge Into Comfort Keyhole Minimizer $32.00 AS SEEN ON THE TODAY SHOWOur Lilyette® Keyhole Minimizer Bra’s sexy plunge design provides a V-shape pitch that enhances cleavage while providing a sexy and secure fit on the body! Minimizes size – not shapeEnhances CleavageSexy plunge stylingShimmering fabric appearanceGentle and comfortable on the bodyPrevenets wire poke through Fabric ContentBody: 78% Polyamide, 22% ElastaneCup Lini… |
|
|
Alex Color A Flower Bag $20.86 Dazzling flowers| This fashionable bag measures 14?W x 11?H x 4?D – big enough for school books and binders. Includes 6 permanent markers in a cool pouch that can be colored, too|… |
|
|
Alex Toys Draw like A Pro $34.00 A fun and easy way to draw…just turn down the lights, switch on the projector, insert a preprinted slide and trace away| Comes with 124 slides, 6 markers, 10 sheets of paper, and a flip book…. |
|
|
Green Toys Sand Play Set $11.00 Kids will ‘dig’ building castles and hunting for buried treasure with the environmentally friendly Sand Play Set from Green ToysTM. Made of recycled plastic, this classic 4-piece collection of tools consists of a bucket, sand castle mold, shovel and rake. Made in the U.S.A from recycled plastic milk containers, which helps save energy, reduces landfill waste, and lowers greenhouse gas emissions, a… |
|
|
The Sims 3: Outdoor Living Stuff $10.00 Electronic Arts Inc. The Sims 3 Outdoor Living Stuff 19503 PC Games… |
|
|
The Ultimate Library…10,000 Books on Cd-rom $49.49 This 4 CD-ROM set includes: Volume One Volume Two |
|
|
Power Game Pack (featuring Super Show & Go) $24.91 Includes 250 games – nonstop Arcade Action puts you in the game! Categories: Best Games, Action/Arcade, Card & Dice; Board Games; Strategy; Screen Effects – and many more!… |
|
|
Adobe Photoshop Elements 8 -Old Version $59.99 Adobe Photoshop Elements 8 software combines power and simplicity so you can make your photos look extraordinary, share your life stories in unique print creations and web experiences, and easily manage and protect all your photos and video clips…. |
|
|
Aperture 3 $147.99 With more than 200 new features and enhancements, Aperture 3 is the perfect choice if you’re ready to take your photography to the next level. Migrate your photos from iPhoto to Aperture seamlessly. Manage large photo libraries with ease. Use powerful new tools to refine your images. And present your work like a pro with beautiful prints, hardcover books, websites, and stunning multimedia slidesho… |
|
|
SE Glow-in-the-Dark Brass Compass $1.50 Night Hike? Go ahead. If you’ve got your glow-in-the-dark compass with you, you can find your way back without having to grope around trying to feel the moss on the north side of the trees. In brass, 2″ dia x 1/2″ thick, with a bezel with 2-degree increments and a 13/16″ dia hook on top…. |
|
|
SE Lensatic Compass $1.40 Classic design traditionally used by military forces for its precisely accurate bearings in land navigation and directing artillery coordinates…. |
|
|
Brunton Classic Compass $7.35 The complete compass designed for everyone. Cobalt steel needle, patented declination adjustment, and 2? graduation…. |
|
|
Tiger Balm Analgesic Tiger Muscle Rub … |
|
|
Ableware 769450000 Raptor Reacher $13.99 Raptor Reacher Maximum value at a moderate price The Raptor Reacher is a low cost, durable, lightweight, all plastic reacher with a contemporary design unlike other reachers. The jaw opens a full 2 1/2″ (6.3 cm) and provides a tight grip on even the smallest items such as coins or bulky items like newspapers, clothing and cans. A hook-like extension on the front can be used as a dressing aid. The … |
|
|
Gecko Nasal Pad – Large, 4.12 Long $24.85 The Gecko Nasal Pad (formerly the Sleep Comfort Care Pad by Sequal) is intended for patients with Obstructive Sleep Apnea (OSA) who experience pain and discomfort on or around the bridge of their nose associated with using nasal or full face masks. The pad acts as a cushion between the patient’s face and mask, and is simply placed across the bridge of the nose under the mask. The protective polyme… |
|
|
Kuzy® – AQUA BLUE Keyboard Silicone Cover Skin for Macbook / Macbook Pro 13 15 17 Aluminum Unibody $1.00 Dress up your MacBook Pro in fashionable color, silicone protection now. *** Will Not fit MacBook Air 11″ ***… |
You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
