Howthe Rich Spend Their Summer
While the broader retail and consumer sector may be slowing, spendingby the rich continues to astound.
A new survey of 198 people worth $10 million or more, conducted byPrince & Associates for Elite Traveler magazine, shows that the wealthywill spend 56% more this summer than in 2005.
Yacht charters top the list, with $384,000 in planned spending, whichsounds about right, given that big yachts now charter for $200,000 to $250,000a week. (See average planned spending of Prince respondents in 10 categoriesbelow.)
Ranking second was redecorating. Granted, redecorating may not seemlike a popular summer pasttime for the rich. But since they're usuallytraveling for the season, it's an optimal time to let in the contractors andinstall that new lap pool or home theater.
Another high-ranking spending category: “experiential excursions.” Forthose unfamiliar with this new breed of primal-luxury vacation, they usuallyinvolve paying some high-priced guide to take you and your family running withspringbok in Botsawana, trekking with penguins in
Of all the categories, however, the one that almost all respondentsplanned to spend money on was charity. Fully 98% of them planned to donate tocharity this summer, averaging $82,000. All those summer fundraisers may alsoexplain why the rich plan to spend $56,000 on entertaining, and $24,000 forwine for entertainment.
Summer Activity | Average Planned Spending |
Yachtrentals | $384,000 |
Redecorating | $129,000 |
Villarentals | $106,000 |
Experientialexcursions | $103,000 |
Jewelry/watches | $94,000 |
Luxurycruises | $92,000 |
Charitablegiving | $82,000 |
Vacation-homerentals | $82,000 |
Out-of-home spa services | $61,000 |
Summerentertaining | $56,000 |
Douglas D. Gollan
Editor-in-Chief
