SOURCE: Luxury Institute, LLC

Luxury Institute, LLC

October 06, 2015 10:28 ET

Luxury Institute Survey Shows Women From Affluent Households Make Big Contributions to Family Income, Seek out Careers That Provide Flexibility, Passion and Time With Family

NEW YORK, NY--(Marketwired - October 06, 2015) - The independent and objective New York-based Luxury Institute released findings of its latest survey of women from high-income households today. Comparisons with results from the prior survey, in 2012, provide quantifiable insights into values, attitudes, behaviors, and work and home lives of women with a minimum household income of $150,000 per year. Respondents provided detailed information about their economic situation, personal aspirations, and family responsibilities.

Nearly two-thirds (63%) of women surveyed are either employed or running their own business, down slightly from 67% of women who reported working outside the home in 2012. Women from high-income households tend to earn a large percentage of family income, providing an average of 45% of total household income, with 38% reporting that they earn more than their spouses.

Women who are employed reported an average salary of $147,000; 49% earn more than $150,000, and 27% earn in excess of $200,000 a year. Nearly one in six (17%) working women are owners or partners in a business, and 9% hold an upper management job with a vice president or C-level title. Among women entrepreneurs, the top reasons for starting a business are the need for a flexible schedule and the desire to be their own boss.

Nine out of ten (91%) affluent women name "family" as the most important aspect of their lives, and since 2012, "retiring and spending time with family" has emerged as the top long-term career goal, cited by 34% of high-income women, just above the 32% who identify "doing something I am truly passionate about," as a top goal. More than half (53%) of women under the age of 45 say that they want to work where their passions lie. Half (50%) of women 21-44 years old also say that they want flexibility in their jobs, a goal identified by 28% of affluent women overall.

"Women are a powerful economic force, both in the workplace and at home," says Luxury Institute CEO Milton Pedraza. "Leading edge companies and luxury brands need to stop leaning in and jump into the deep end of this trend as it is essential for their long-term success."

Respondents reported average household income of $289,000, and $2.9 million average net worth.

About Milton Pedraza and Luxury Institute, LLC

Milton Pedraza is the CEO of the Luxury Institute. Over the past 12 years, Milton has established the Luxury Institute as the most trusted global luxury research provider, and the proven high performance luxury client relationships consulting firm. Known globally as the foremost resource for affluent and wealthy consumer insights and client experience best practices, the Luxury Institute has served over 1,000 global luxury goods and services brands across dozens of luxury goods and services categories.

Milton advises and coaches luxury CEOs and serves on the Boards of top-tier luxury and premium brands and luxury startups. He is sought after worldwide for his practical, innovative and humanistic insights and recommendations on luxury and is the most quoted global luxury industry expert in leading media and publications.

Milton is also an authority on CRM Technology, Analytics and Big Data. Prior to founding the Luxury Institute, his successful career at Fortune 100 companies included executive roles at Altria, PepsiCo, Colgate, Citigroup and Wyndham Worldwide.

Milton was born in Colombia, raised in the United States, has lived in several countries, conducted business in over 100 countries, and speaks several languages.

For more information and additional insights from this survey and other research, visit www.LuxuryInstitute.com, or contact Luxury Institute CEO Milton Pedraza directly with questions (mpedraza@luxuryinstitute.com).

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