Millionaires may be rolling in the green, but they’re unlikely to flash any on St. Patrick’s Day. Looks like younger, less affluent folk will have to pick up the slack. Will they?
How many high net worth Millionaires plan to celebrate St. Patrick’s Day this year? Not many, according to the latest monthly survey from Spectrem’s Millionaire Corner.
It looks as though wealthy Americans are leaving the celebrating to younger, less affluent folk, but judging from the responses of Main Street investors, it’s not going to be much of a party. Roughly 30 percent of individuals with less than $100,000 to invest plan to celebrate St. Paddy’s Day. That’s a slightly higher rate than the 20 percent for Millionaires with $5 million to $25 million to invest.
Ongoing research indicates Millionaires tend to be homebodies. Few had plans to celebrate New Year's.
The small share of Americans who plan to celebrate are unlikely to regret it the next day, according our research, which indicates people who plan to celebrate St. Patrick’s Day have fairly sober plans. The most popular way to celebrate: wearing green. That’s how 72 percent of Main Street investors and 55 percent of high net worth Millionaires - among those who intend to celebrate - will mark St. Patricks’ Day.
Staying home and cooking appears to be the second-most popular way to celebrate St. Pat’s. Among high net worth Millionaires who indicate they’ll celebrate, 42 percent plan to prepare a traditional corned beef dinner. The share falls to 29 percent of Main Street Americans with St. Patrick’s Day plans.
The less affluent are more likely to head to a bar to celebrate. That’s the plan for 43 percent of Main Street Americans compared to 13 percent of high net worth Millionaires (who have St. Patrick’s Day plans.) Less than one-fourth of both groups indicate they’ll go to a party and roughly half that are likely to attend a parade.
The spending associated with St. Pat’s is not likely to provide much economic stimulus. Nearly 85 percent of high net worth Millionaires and 95 percent of Main Street investors plan to spend less than $100 on the festivities.
Millionaires tend to be careful budgeters and attribute their wealth in large part to frugality.
The holiday appears most important to younger adults. Roughly 44 percent of those ages 40 and younger indicate they’ll celebrate St. Patrick’s Day. Women are slightly more inclined than men, but men who celebrate are more likely to go to a bar. Single folk are slightly more likely to celebrate than married individuals. More than 44 percent of those who are single and celebrating will head to a bar, while 36 percent will go to a party. More than 40 percent of their married counterparts will stay home and enjoy their corned beef, cabbage and boiled potatoes. But high net worth Millionaires remain the biggest party poopers of all.