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The predictions for holiday spending among the wealthy are out, and you know how it goes with the best intentions. The rich might be saying one thing while doing another.
The Neiman Marcus annual Christmas Book aside, a retail study by GfK MRI Focus says baby-boomer millionaires are not into making impressions and that they shop for value, frequenting stores that give more bang for the buck. It may sound like Target, but here's the kicker: They're willing to pay for fine quality and are more likely to make spending decisions based on that than on price.
So back to the Neiman Marcus catalogue, retail porn for the acquisitive and the dreamers. This year's fantasy gifts include a $395,000 Ferrari FF (only 10 were made and they all sold within 50 minutes), a $1-million fountain installed in your yard and a $420,000 tour of European flower shows on a private jet.
Affluent households (the top 10 percent of wage-earning households) are expected to account for nearly a quarter of holiday spending this year, according to the Survey of Affluence and Wealth in America by American Express Publishing and Harrison Group. The projected $68.74 billion is down 6 percent from last year.
Respondents of the survey also say they are seeking holiday joy in relationships and experiences, rather than in material gifts. So maybe they're the buyers of the private-jet tour of Europe or the new owners of the experience of going from 0 to 60 miles per hour in 3.7 seconds in that special-edition Ferrari FF.
Will you be spending more or less this holiday season?
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