Super-Rich to Boost Holiday Spending
Filed under: Economy, Family Money, Personal Finance
With the economy still on life support and jobless rates high, many Americans are planning on tightening their Christmas budgets this year.
Not the super rich, however. Families with discretionary incomes of $250,000 and up plan on boosting their holiday spending by 7% from last year to an average of $2,708, according to a new survey from Harrison Group and American Express.
Those surveyed who make between $100,000 – $250,000 said they plan on spending less this Christmas–even though 29% of those surveyed in that category said that in fact their household income is up over the last year. As for the shaky economy, 84% say they’re confident they can handle whatever comes their way.
As for most folks, according to the study, non-affluent consumers surveyed said they plan to spend an average of $558 on gifts this holiday season, with 28% of the general population expecting to spend less on gifts than they did in 2010.
