4.30.2009

Rich people feel guilty buying luxury stuff in bad economy

http://www.usatoday.com/money/industries/retail/2009-04-29-luxury-guilt_N.htm
http://www.igotnewsforyou.com/images/blinded_by_money.jpghttp://nextgr8twriter.files.wordpress.com/2007/06/poverty.jpg
More than half of affluent consumers say they feel "guilty" making luxury purchases in this economy, a survey of the most-moneyed Americans finds. Fewer this year also say they like to be labeled as "wealthy."
The survey of people with an annual discretionary household income of more than $100,000, which is generally those earning $500,000 or more, was released Wednesday by consulting firm Harrison Group and American Express Publishing. Discretionary income is what's left after the mortgage and taxes are paid.
People with such discretionary incomes make up 10% of households yet account for more than half of retail sales and 70% of profit margins.
[...]
Of course, far more than a guilty conscience is at play. More than half of those polled — 53% — said they worry they could actually run out of money.[!!!]
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