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Affluent rein in spending

By Judy Martel · Bankrate.com
Wednesday, November 21, 2012
Posted: 6 am ET

This year is no different than last year for the affluent, as far as holiday spending goes. Just in time to kick off the traditional holiday shopping season, a survey by Merrill Lynch says only 15 percent of wealthy shoppers plan to spend more than they did last season. More than half, 55 percent, plan to spend about the same.

That's not good news for retailers, who look to the wealthier population to set the tone for holiday spending. About a third of the affluent surveyed say they are trying to live within their means, a practice worth emulating, especially given the temptations of the shopping season.

Perhaps as a result of their fiscal restraint, the affluent are feeling in control of their finances, with 33 percent saying they have more control than they did last year and 50 percent saying they are in the process of gaining control through such steps as sticking to a budget, making joint investment decisions with their spouses and setting tangible goals for the future.

Have you made a budget for holiday spending? Share your tips.

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2 Comments
Crow Hunter
November 21, 2012 at 1:27 pm

That is probably one of the big reasons they are affluent...

artist
November 21, 2012 at 10:09 am

They are being vilified and targeted by their own government. I wouldn't blame them if they took all their assets and moved overseas.