Hooray! Rich Folks Are Buying Things

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Everyone's buying a private plane. Photo: Courtesy of NYT

We're not sure what it means for the economy, but according to the Times, the fabulously wealthy are starting to spend again! And not just on expensive dinners and fancy trips, but on big things like yachts, jewelry, and planes.

Sabre Yachts in Maine plans to sell more yachts this year than last, and a charter company in Florida says people are back to renting, even if they're asking for yachts that are "50 feet shorter." Meanwhile, Tiffany's has seen an increase in the sale of pieces that cost over $50,000, and the purchase of private jets is on the rise.

But even though the rich are back in the habit of spending, they're being smart about it. Like the shoppers at the Burberry shop in the Breakers Palm Springs, who "may spend the same amount as they once did," according to hotel president Paul N. Leone. "But if they do, they will get several items, rather than one thing."

The Well-Off Are Spending Again — but Carefully [NYT]