New Consumer Spending Data Shows Hot Growth Areas for Businesses
BY Jill Krasny
Wealthy consumers ramped up their spending in 2013, funneling more of their dollars into areas such as air travel, luggage, and video equipment.
Consumer spending soared among the wealthy in 2013, according to analysis by Morgan Stanley obtained by the Wall Street Journal. For small business owners, the data reveals what some of the hottest growth industries are.
"Spending on pleasure aircraft, boats, and other recreational vehicles has raced higher since April and is on track to double its growth rate in 2013 (to 8.5 percent compared with just over 4 percent in 2012)," economist Ellen Zentner wrote.
Though you probably won't move into the pleasure aircraft sector soon, if you're involved in e-commerce, you might consider getting more games and toys in your arsenal. Likewise, video equipment, electrical applicances for personal care, and sewing items were also high on wealthy consumers' shopping lists.
Other popular items included personal computers (up 16.7 percent from the previous year), luggage (up 17.8 percent), and televisions (up 22.3 percent).