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Retailers, consumers and prices

Yachts and villas and jewels – oh my!

Dec 4, 2007 14:52 EST

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)

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