How rich is rich? If you have to ask, you aren’t rich enough to have the Merry Christmas the Jones’ are planning. Keeping up just gets harder and harder. Yacht charters, automobiles and other vehicles; jewelry; charitable
donations, and villa rentals are projected to command the highest
levels of holiday spending among Americans with net worths of more than $10
million, according to a survey by Elite Traveler magazine.
super wealthy individuals anticipated spending an average of $487,900 for yacht charters; $187,400 for various luxury vehicles, and
$152,400 for jewelry.
Fashion rated as the category expected
to command the ninth-highest holiday purchasing, or an average of
$46,000 for the "super
rich." By comparison, consumers considered "mass affluents" intended to
part with $2,100, on average, for fashion items. ("Mass affluence" was
the phrase used by ET to describe people with wealth of at least $1
million and less than $10 million.)
consumers, like their middle- and lower-income counterparts, "will blow
their wad relatively early," forecast Michael Silverstein, a senior
vice president at Boston Consulting Group. "We’re not anticipating a
big week before Christmas. All three groups will be chasing some
spectacular bargains in a highly promotional season."
asked to reveal the "most unique" gift they were going to give this
season, responses of the wealthier of the two contingents in the ET
survey ranged from a $30,000 couture dress for a four-year-old to a
$200,000 restored, classic Chevrolet Camaro to a custom,
jewel-encrusted pony saddle.
"What happens at the gas pump or in the subprime mortgage crisis
doesn’t affect the super rich," noted Douglas Gollan, editor in chief
of Elite Traveler.