Well-to-do spending more on security
STEVENS, Pa.—Affluent households spent more on home security in 2009 than in 2008, according to a new report called Home Luxury Report 2010, released in July.
"Spending on security went up from $1,562 on average [in 2008] (i.e. the amount spent by home owners buying in that category) to $4006 on average in 2009, up 156.5% overall," said Pam Danziger, president of Unity Marketing and author of the report.
"[Home security's] share of wallet more than doubled; that's a significant increase at the luxury consumer level," she added.
The report is based on 4,739 surveys of consumers with incomes above $100,000. The average respondent had an income of $220,000. The sample represents the top 20 percent of the U.S. income-bracket and roughly 22 million households, Danziger said.
The study looks at 22 different categories of luxury spending including: Art & Antiques; Kitchenware, Cookware, Cook's Tools; and Furniture, Lamps and Rugs. Home Security falls within the Kitchen Appliances, Bath & Building Products category, which was up 32 percent.
Danziger calculates the "share of wallet" for each category and for products within those categories. Home Security was among the "biggest winners" in the share of wallet.
Affluent consumers spent more on their homes in 2009 because they were not relocating, she said.
"What the data indicates is that a lot of spending was done on major remodeling and the big categories that grew were home infrastructure, including air conditioning systems and home security.
"This means that people were investing in infrastructure, not just decorating," she added.