Affluent households are more upbeat about the prospects of their household income and assets in the next 12 months.
The Spectrem Affluent Household Outlook gained 3.83 points in October for a reading of 20.20, a three-month high and a nearly 2-point increase over October 2014.
The Outlook is a monthly measure of long-term confidence in four financial factors that impact the daily lives of Affluent households. While short-term concerns about market conditions drove a decline in the October Spectrem Affluent and Millionaire investor confidence indices, Affluent households are more upbeat about the prospects of their household income and assets in the next 12 months.
Household Assets posted the largest month-to-month gain; 9.05 points, also a three-month high and up 8 points from the same period last year. Household Income gained 3.63 points from September and is up 1.6 points from October 2014
Company Health, though, dipped 1.64 points to a four-month low and is down almost 5 points from the same period last year, while the Economy ticked downward just under a point from September. It is up almost 3 points from October 2014.
Spectrem Group analyzes the household outlooks of Millionaire and non-Millionaire households. Millionaires drove the increase in the overall Outlook. The Spectrem Millionaire Household Outlook gained 5.37 points to 24.02, up 2.75 points from October 2014. The Non-Millionaire Household Outlook ticked upward 1.62 points to 16.19, up 1.32 points from the same period last year.
Millionaire household confidence that their household assets will grow in the next 12 months surged appreciably in October; up 18.62 points from the previous month and 9.91 points from October 2014. Similarly, Household Income rose 15.16 points, an 8-month high and up 11 points from the same period last year.
And while Millionaires reported a decline in long-term confidence in Company Health and the Economy, non-Millionaires picked up the slack. Non-Millionaire confidence in Company Health rose 3.44 points. from September, basically unchanged from October 2014, while the Economy was up 2.75 points, up 6.39 points from the same period last year.
Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.