Not surprisingly, the call of the wild beats the allure of renovating the bathroom.
When asked how they might spend an unexpected windfall or significant inheritance, more than three-quarters of respondents said they’d go on vacation or travel. That’s according to the WWD Luxury survey.
What’s driving the need to get away is unknown, but 77 percent named travel as one of their choices, far ahead of the 55 percent who checked off using the money for home remodeling or renovations. Travel won across all age and income groups; both the youngest segment of respondents, the 18-to-29-year-olds, as well as the wealthiest, whose annual incomes are north of $150,000, said they were interested in putting extra income toward a vacation.
The survey also indicates that the affluent have not lost their interest in things automotive; almost half of all respondents, or 48 percent, said they’d use a windfall to buy a new car. Home furnishings were also high on the list; four out of 10 affluent women, or 44 percent, said they would buy new furniture.
Given a substantial inheritance, about one out of three, or 32 percent, indicated they would be most likely to spend their windfall on fashion clothing. In descending order, respondents said they were interested in jewelry and watches (30 percent), the art or antiques market (30 percent), computers and electronics (27 percent), spas (23 percent), fashion accessories (22 percent), home entertainment systems (21 percent), beauty and fragrances (16 percent) and boats (12 percent).
Demographic analysis reveals differences in the wish list. The youngest group (ages 18-29) among affluent women ranked vacations the number one choice, while spending for furniture was second at 62 percent and new fashion apparel was a high third at 59 percent. Home renovations and a new car were very close, however, at 58 percent and 57 percent, respectively. Fashion accessories placed sixth at 52 percent.
Among the most affluent women, those from households with annual incomes over $150,000, vacations again came first on the wish list, followed by a tie between a new car or new furniture, both at 51 percent. Jewelry and watches and home remodeling came in at 43 percent.