High-income HHs In The US – What are the Spending their money on?

A fairly simple formula can be applied to American consumers: the more money in, the more money out. People with high incomes spend more than the general population in virtually every major expenditure category. When incomes increase, net worth also climbs. Those Americans with higher incomes are therefore accumulating assets with significant value (primarily a home) and saving more than the average American household.

These factors translate into a population segment that is an important part of the customer base for many different industries. For high-income earners, their greater ability to save and invest makes them an important market for the financial service industry. Higher incomes also enable them to travel more, and to take trips that might be too expensive for many Americans, such as resort vacations. But their overall higher level of spending means that they are also of interest to mainstream retailers, including discounters such as Target and Wal-Mart. High-income consumers also tend to be good customers for online retailers.

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