Want to know what the uber rich have planned for this holiday season? It is certainly not a pullback in spending amid higher gasoline prices and a stumbling U.S. housing market.
According to the Elite Traveler Magazine/Prince & Associates 2007 Holiday Spending Survey, the “super rich” will increase their holiday spending this year by between 17 percent and 67 percent across more than a dozen luxury categories, including jewelry, events at hotels, yacht charters and villa rentals.![]()
The “super rich” are defined as those individuals with a net worth of more than $10 million, while the “mass affluent” have a net worth of $1 million to $9.9 million.
Specifically, the super rich said they plan to spend 67 percent more on jewelry this year, shelling out $152,400, up from $91,100 in 2006. Electronics also registered big gains, the survey found, with spending seen rising 53 percent to $39,300 from $25,700.
“Clearly, the super rich are not impacted by the sub-prime crisis that has other sectors of the economy nervous this holiday season,” said Douglas Gollan, president and editor-in-chief of Elite Traveler, a magazine that is distributed onboard private jets.
More than 60 percent of the super rich surveyed also said they will travel by private jet this holiday and more than a third will give “jet cards” — which can start at a price of price of $40,000 for 10 hours of flight time – to friends, family and colleagues.
The survey was conducted in November and surveyed 843 high net worth individuals.
Below is a break out of the super rich’s holiday spending plans:
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Super Rich - Comparison 2007/2006 Holiday Spending |
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Super Rich: Net Worth $10 million+ |
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|
Spending Category |
2007 |
2006 |
%change from 2006 |
|
Jewelry |
$152,400 |
$91,100 |
67% |
|
Fashion |
$46,200 |
$36,400 |
27% |
|
Hotels / Resorts |
$83,400 |
$61,200 |
36% |
|
Yacht Charters |
$487,900 |
$410,600 |
19% |
|
Villa Rentals |
$86,200 |
$69,900 |
23% |
|
Watches |
$66,700 |
$52,000 |
28% |
|
Wine/Spirits for Entertaining |
$31,100 |
$22,300 |
39% |
|
Holiday Entertaining |
$45,800 |
$34,600 |
32% |
|
Out of Home Spa Services |
$34,900 |
$27,800 |
26% |
|
In Home Spa Services |
$29,300 |
$21,700 |
35% |
|
Events at Hotels |
$61,700 |
$42,800 |
44% |
|
Corporate Gifts |
$44,900 |
$38,400 |
17% |
|
Electronics |
$39,300 |
$25,700 |
53% |
|
Charitable Donations |
$116,300 |
$94,200 |
23% |
|
Automobiles/Vehicles |
$187,400 |
n/a |
n/a |
|
Gifts/Services for Pets |
$10,200 |
n/a |
n/a |
(Photo: Reuters)


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