(That is, assuming you’re not hanging with The Donald, Paris Hilton, or Oprah.)
According to the 2007 Elite Traveler survey, the super affluent are planning major spending sprees this summer. The survey, which polled some 200 super-rich families, indicates that spending across 17 luxury categories will rise to $622,200 this summer as compared to $399,000 during the same period last year.
The three areas designated for increased spending are audio-visual products, with an increase of 120%, designer apparel and accessories with a 112% surge, and stays at luxury resorts (up by 78%).
Another flourishing area is that of jewelry and watches. No less than 73% of those interviewed plan to splurge on fine jewelry and luxury watches. The average layout will come to about $94,000, which constitutes a 50% increase over last summer.
Elite Traveler CEO Douglas Gollan noted: “Unlike mass-affluent consumers who may splurge and charge credit cards to buy jewelry or watches for the holidays, it is interesting to see that the super-rich spend money on virtually every type of luxury good and service on a continuous basis.”