Amidst economic uncertainty, affluent consumers are being responsible shoppers. Learn more.
Affluent investors plan on being responsible consumers this holiday shopping season, according to Millionaire Corner research.
Nine-in ten do not plan to include a “major purchase” such as a car on their gift list. Nor are these affluent shoppers willing to take on debt this holiday season.
That doesn’t mean they’ve turned into Grinches. It just means that at a time of economic uncertainty, they are being responsible and pragmatic consumers. Seventy-one percent told Millionaire Corner that they will be spending the same amount on holiday gifts this year as last. Of those who said they will be spending less this year, the most common reason cited was “I have less disposable income” (53 percent), followed by “I believe the economy is worse” (34 percent).
What will the affluent investor be shopping for this year? Nearly half (47 percent) said electronics, such as TV or a computer). Almost one-third will be spending their money on a trip or vacation. Just over one-quarter said they will be buying jewelry (27 percent) or an automobile (26 percent).
Across the wealth levels, those who earn less than $100,000 are the most likely to be purchasing electronics this holiday season. They are the least likely to be planning a trip over the winter holidays (6 percent).
Affluent investors with a net worth of $1 million are the most likely to be purchasing jewelry (34.5 percent vs. 27 percent of affluent households overall).
Not surprisingly, electronics was the unanimous gift purchase for households under the age of 40, while boomers and seniors ages 60 and up were the most likely to say they would be purchasing a trip or vacation this holiday season.
After electronics, a winter holiday getaway also looks to be the gift of choice for households ages 41-50 (44 percent).
Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.