Affluent more upbeat and likely to fuel recovery, report suggests

In what could be an indicator that the economy is approaching recovery, optimism is rising among affluent adults in the United States, according to data from Ipsos Mendelsohn’s third online Affluent Barometer survey of this year. Nearly 1,000 people in households with incomes of at least $100,000 completed the survey by Sept. 1. The data showed that economic concerns among the affluent have dropped to 43% from 46% in July. Only 34%, compared to 37% in July, said they were worried losing their jobs. Uneasiness over health care, however, increased slightly to 38% from 36% in July. Additionally, the data from the barometer showed that respondents who said they were optimistic about the future of the U.S. economy increased to 54%, from 49% in July. The affluent will lead the United States out of the current recession, suggested the Mendelsohn Affluent Survey Research Program's 2009 annual report, which takes into account data from all four of its research services. Approximately 19% of all U.S. adults meet the “affluent” criteria and earn more than 50% of the entire nation’s income, the report stated, based on statistics from the Census Bureau’s Current Population Surveys. Because this group earns a majority of the nation’s income and has the most purchasing capability, its diminishing economic concerns imply that the group will begin to increase spending and investing, brightening the economic picture . “If they’re not going to get us out of the recession, then who is?” Ipsos Mendelsohn vice president Richard Vogt said. “It’s not that uncommon to see the affluent pull us out of this kind of a situation.”