SteveR
Moderator Emeritus
- Joined
- Jul 1, 2005
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The article below is from Roaming Times, a RVing newsletter.
Despite slowing economy 'super rich' continue to spend - Roaming Times
"
NEW YORK, Jan. 31 2008 -- Despite continued news of a looming recession, 80.3 percent of the "Super Rich" (consumers with net worth of $30 million plus) will increase their spending on luxury goods and services. This is according to the Elite Traveler/Prince & Associates 2008 Affluent Consumer Spending Survey conducted January 10-18, 2008. The survey polled a panel of more than 600 affluent consumers who had a net worth of at least $1 million. Overall the wealthy expect the economy to worsen in 2008. However, 84 percent of the Super Rich said the current economic environment represents an investment opportunity, and they will continue to spend more on luxury products and services and increase donations to charitable organizations more than ever before. The survey also reports that affluent consumers have little faith in the government's ability to "fix" the present economic situation...."
The article was based on interviews with 600 people in the "Mass Afflent" grouping...those with over $1 million in NW.
The article cuts the "Mass Affluent" into three pieces.
Super Rich..those with NW over $30 Million
Rich...........those with NW between $10 and $30 Million
Affluent......those with NW over $1 Million
The Super Rich will continue to spend on luxury items and 80% will even increase their spending this year.
The Rich will back off on luxury items based on prices.
The Mass Affluent will essential stop buying luxury items.
A couple of things are obvious. The Super Rich are not as affected by a slowing economy because they have so much $$. I can't imagine having $30+Million. A measly $2Millon for a Marathon Prevost conversion motorhome would be a drop in the bucket.
The Mass Affluent are not rich. Having less then $10 million does not make you rich in America anymore. Having more than $1 million makes you "affluent" but not rich. I know we have discussed these limits before but this is the first time I have seen them layered like this.
So, what will you do this year? Buy more luxury items, back off or stop?
Despite slowing economy 'super rich' continue to spend - Roaming Times
"
NEW YORK, Jan. 31 2008 -- Despite continued news of a looming recession, 80.3 percent of the "Super Rich" (consumers with net worth of $30 million plus) will increase their spending on luxury goods and services. This is according to the Elite Traveler/Prince & Associates 2008 Affluent Consumer Spending Survey conducted January 10-18, 2008. The survey polled a panel of more than 600 affluent consumers who had a net worth of at least $1 million. Overall the wealthy expect the economy to worsen in 2008. However, 84 percent of the Super Rich said the current economic environment represents an investment opportunity, and they will continue to spend more on luxury products and services and increase donations to charitable organizations more than ever before. The survey also reports that affluent consumers have little faith in the government's ability to "fix" the present economic situation...."
The article was based on interviews with 600 people in the "Mass Afflent" grouping...those with over $1 million in NW.
The article cuts the "Mass Affluent" into three pieces.
Super Rich..those with NW over $30 Million
Rich...........those with NW between $10 and $30 Million
Affluent......those with NW over $1 Million
The Super Rich will continue to spend on luxury items and 80% will even increase their spending this year.
The Rich will back off on luxury items based on prices.
The Mass Affluent will essential stop buying luxury items.
A couple of things are obvious. The Super Rich are not as affected by a slowing economy because they have so much $$. I can't imagine having $30+Million. A measly $2Millon for a Marathon Prevost conversion motorhome would be a drop in the bucket.
The Mass Affluent are not rich. Having less then $10 million does not make you rich in America anymore. Having more than $1 million makes you "affluent" but not rich. I know we have discussed these limits before but this is the first time I have seen them layered like this.
So, what will you do this year? Buy more luxury items, back off or stop?