Heaven help us, the affluent are getting practical when it comes to shopping.
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Luxury retail, which remained reasonably strong during the Great Recession, may see something of a struggle this year, if CNBC's Millionaire Survey holds true. According to the survey, conducted by SpectremGroup on behalf of the financial network, one-third of Americans with assets of more than $1 million plan to increase their spending on travel and vacations, followed by 28 percent planning to increase their spending on home improvement.
Cars come next, with 20 percent of respondents planning to spend more, followed by entertainment and vacation homes at five percent each. Key for upscale fashion centers: just four percent expect to increase their apparel purchasing.
They've already increased their spending on experiences, the network says: 61 percent of respondents said they'd spent more than $5,000 on travel and vacations in the last 12 months. Fifty-two percent of the 514 people surveyed around the country spent more than $2,500 on their homes.
This obviously doesn't predict what the super-rich may do. But the aspirational shopper probably is still in hiding. Plan your leasing accordingly.
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