Reuters Blogs

Shop Talk

Retailers, consumers and prices

December 4th, 2007

Yachts and villas and jewels - oh my!

Posted by: Nicole Maestri
Tags: Shop Talk

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.yacht.jpg

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: 

Super Rich - Comparison 2007/2006 Holiday Spending

Super Rich: Net Worth $10 million+

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)

Post Your Comment

*
To prove you're a person (not a spam script), type the security word shown in the picture. Click on the picture to hear an audio file of the word.
Click to hear an audio file of the anti-spam word