Yacht charters, automobiles and other vehicles; jewelry; charitable donations, and villa rentals are projected to command the highest levels of holiday spending among Americans with net worths north of $10 million, according to a survey by Elite Traveler magazine.
These wealthy individuals anticipated spending an average of $487,900 for the poll-topping yacht charters; $187,400 for various vehicles, and $152,400 for jewelry, figures that include outlays for gifts as well as things for themselves.
Fashion rated as the category expected to command the ninth-highest holiday purchasing, or an average of $46,000 for the individuals described by Elite Traveler as "super rich." By comparison, consumers considered mass affluents intended to part with $2,100, on average, for fashion items. "Mass affluence" was the phrase used by ET to describe people with wealth of at least $1 million and less than $10 million. The poll participants were reached via client lists of financial advisers and lawyers, and they projected their seasonal spending in 14 categories of goods and services.
Eighty-five percent of the super rich and 79 percent of the mass affluents said they planned to buy fashion goods this holiday.
Upper-income consumers, like their middle- and lower-income counterparts, "will blow their wad relatively early," forecast Michael Silverstein, a senior vice president at Boston Consulting Group. "We're not anticipating a big week before Christmas. All three groups will be chasing some spectacular bargains in a highly promotional season," he added of intentions expressed by holiday shoppers in an online survey conducted for BCG by Harris Interactive Oct. 10 to 23.
Money spent by U.S. shoppers trading up to pricier, premium goods will grow by about 7 percent both during the holiday season and in the full year, BCG is estimating, growth that would result in $770 billion worth of trade-ups for 2007. In addition, the roughly 2,600 people polled for BCG, including 2,060 with annual incomes of at least $50,000, said they'd be most likely to spend more next year for things such as premium cars, travel, vacations, restaurants, home goods and home entertainment.
When asked to reveal the "most unique" gift they were going to give this season, responses of the wealthier of the two contingents in the ET survey ranged from a $30,000 couture dress for a four-year-old to a $200,000 restored, classic Chevrolet Camaro to a custom, jewel-encrusted pony saddle."What happens at the gas pump or in the subprime mortgage crisis doesn't affect the super rich," noted Douglas Gollan, editor in chief of Elite Traveler in disclosing results of its survey of 840 people, taken the week of Nov. 12. The super rich accounted for 280 of those polled and had a median net worth of $22 million.
“These collections continue to build on that vision, empowering differently abled adults to express themselves through fashion,” said @tommyhilfiger of his line of adaptive apparel, which launches today. The line consists of 37 men’s and 34 women’s styles based upon the pieces from the spring Tommy Hilfiger sportswear collection. #wwdnews
“Stranger Things” is getting a new cast member for season 2. Meet @sadiesink_, the 15-year-old who will be joining the Netflix series for its new season. You may recognize her from “The Glass Castle” with Brie Larson and Woody Harrelson, but the Texas native’s next role goes in an entirely different direction. She describes her character, Max, as “a rough and tumble skater girl [who] becomes friends with the boys at school.” The second season debuts on October 27. (📷: @jgreenery) #wwdeye
Amid the Harvey Weinstein controversy, there’s another sector that’s being put under the spotlight for sexual abuse: the modeling industry. While rumors about abuse and sexual harassment of female and male models — and the photographers, agents and others who perpetrated it — have circulated within the fashion world for years, model @cameronrussell started posting stories from models on Instagram last week about abusive situations they’ve encountered — from sexual harassment and molestation to attempted rape. Over 75 have weighed in so far. Read more on WWD.com. Link in bio. #wwdnews
To celebrate its 16th anniversary, @dylanscandybar tapped designers and celebrities to create mosaics out of candy. The mosaics will be auctioned off to support the philanthropic cause of each participant’s choice. Pictured here is the mural created by @aliceandolivia's Stacey Bendet. For a first look at some of the other artwork being unveiled tonight, go to WWD.com. #wwdeye
The annual Veuve Clicquot Polo Classic in Pacific Palisades this weekend drew Kate Hudson, Tracee Ellis Ross, Laura Dern and more. See pictures of the star-studded event on WWD.com. (📷: @chelsealaurenla) #wwdeye
In his new book “Hollywood Royale,” Andy Warhol’s Protégé Matthew Rolston celebrates the Eighties revival of Hollywood glamour. Featuring more than 100 portraits taken by Rolston from 1977 to 1993, the book contains photos of icons like Michael Jackson, Cyndi Lauper, and @drewbarrymore, pictured here in 1991. “Hollywood Royale,” out today, will be accompanied by an exhibition opening at Los Angeles’ Fahey/Klein Gallery on March 1. #wwdeye
"Nowadays when life is not so happy with everything going on in the world, I think people come to me for a little bit of whimsy and color and fun." - Designer Rebecca De Ravenel on her cult-favorite jewelry line. (📸 : @vsteves) #wwd40
“Everyone is talking about how the retail industry is struggling, but I think it’s an incredible time because brands who are doing something different and innovative are setting themselves up for the future,” said @adamgoldston, who founded the luxury athletic brand @apl with his brother @ryangoldsten. The Goldston’s are part of WWD’s 40 under 40: a group of industry notables. See the rest of the list on WWD.com. (📷: @vsteves) #wwd40
@eyeswoon blogger Athena Calderone debuted her first-ever cookbook, “Cook Beautiful,” which is heavily centered on the presentation and visual expression of food. Pictured here are her miso glazed carrots from the book. Get the recipe on WWD.com. (📷: @johnny_miller_) #wwdeye