Quick — pass your richest friend a hankie! His brow is probably moist with nervous sweat. A new study revealed the real-estate and banking crisis has caused rich people to fret about their financial security. According to the latest annual survey of Affluence & Wealth in America by American Express Publishing and Harrison Group, six out of ten American families with a median income of $325,000 said they are now worried about running out of money. They plan to mitigate this anxiety with cutbacks, particularly during the holiday shopping season.
“It would appear that we are shifting from an ‘I want’ to ‘I need’ economy in which people are looking out for the interest of the people they love more than their own interests. If there is a silver lining in the current malaise, growing thoughtfulness in gift giving and family purchasing may be it,” said [Jim Taylor, vice-chairman of the Harrison Group].
Let's define "current malaise" as it relates to this demographic: More than 70 percent "are looking more carefully at their spending on luxury categories to see where money can be saved," 83 percent won't buy until things go on sale, and 2 percent "plan to eliminate spending on big-ticket items." Basically, they're still buying luxury goods, but perhaps not as many. So in an "I need" economy, one can rationalize purchasing two Louis Vuitton suitcases, but perhaps not the duffel bags that go with them?
Most Viewed Stories
Will We Abandon Women’s Rights in the Name of Progressive Politics?
When Women Pursue Sex, Even Men Don’t Get It
Is This the Weirdest Taylor Swift Romance Rumor Yet?
A Funny Thing Happens When Women Begin to Outearn Their Husbands
Why Are All the Gays Still Obsessed With Big Little Lies?
American Airlines Apologizes for Flight-Attendant Incident With Mom and Stroller
Girlboss Will Make You Nostalgic, But Maybe Not in a Good Way
This Drugstore Beauty Brand Tricked Millennials by Pretending to Be Fancy
Married Man Fakes Airport Hijacking to Get Out of Trip With Online Girlfriend
Ask Polly: What Am I Doing Wrong With Men?
Latest News from The CutSerena Williams and Alexis Ohanian Are Taking a Well-Deserved Vacation
Dare we say … a babymoon?Caitlyn Jenner Confirms She’s Had Her ‘Final’ Sex-Reassignment Surgery
She appeared on 20/20 with Diane Sawyer Friday night.Elisabeth Moss Isn’t Convinced The Handmaid’s Tale Is Feminist
“It’s a human story, because women’s rights are human rights.”Steve Bannon Unironically Referred to Megyn Kelly As ‘The Devil’
In a conversation with Roger Ailes, of all people.Rosario Dawson Is Happy to Be Publicly Dating Eric Andre, But Would Be Happier If Tongue Pics Had Not Been Required As Proof
They journal together, for heaven’s sake.Pregnant Beyoncé Came to Slay in New Instagram Photos
Take that, haters.Is This the Weirdest Taylor Swift Romance Rumor Yet?
This tech CEO declared he’s not dating Taylor Swift, thank you very much.American Airlines Apologizes for Flight-Attendant Incident With Mom and Stroller
Things get tense over a baby stroller in this viral video.Oprah Is the Oprah of Red-Carpet Appearances
She’s hitting the red carpet for The Immortal Life of Henrietta Lacks and it is glorious.Andy Warhol Painted These Prints While Living With 25 Cats
See rare drawings from the artist’s newly reprinted book.
“Would you ask a man that? No, you wouldn’t ask a man about power outfits.”Get Yourself a Cool Handbag on Deep Discount at This Sample Sale
KARA’s minimalist bags are up to 70 percent off.Will We Abandon Women’s Rights in the Name of Progressive Politics?
The American left is flirting with a depressingly retro future.Now Introducing: The Finnish Sport of Wife-Carrying
Like Tough Mudder, but with a woman on your back.Kendall Jenner and Ashley Graham Partied This Week
Plus: Naomi Watts, Priyanka Chopra, Drew Barrymore.Why Are These the Most Popular Beauty Looks Right Now?
Bronde, brows, and non-boring hair.Veda’s Warehouse Sale Is the Best Way to Buy a Fancy Leather Jacket for Way Less
It’ll run until Sunday.Tyra Banks Anoints Ashley Graham as the Queen of Beauty
She wrote about it in Time.Rape Victims Often End Up Paying $1,000 for Going to the ER
A new study looked at costs incurred by privately insured women.Another Michigan Doctor Was Arrested for Female Genital Mutilation
Dr. Fakhruddin Attar’s case is connected to Dr. Jumana Nagarwala’s from last week.