Shopping Intentions of the ‘Elite Affluent’

When asked about their purchasing intentions for 2004, the “Elite Affluent”—those with a net worth (assets minus liabilities) of $1 million or more—said they planned to splurge on luxury goods, including jewelry. That’s according to results of the Elite Traveler/Prince and Associates Luxury Spending Survey released in November 2003.

Household Luxury Purchasing Net Worth Ranges

Intent for Next 12 Months $1M-$5M $5M-$10M $10M+
Methodology: Some 430 individuals with a net worth (assets minus liabilities) of $1 million or more were interviewed by phone in October 2003. Those profiled include 47.8% with a net worth of $1 million-$5 million, 31.1% with a net worth of $5 million-$10 million, and 21.1% with a net worth of $10 million+.
Spend $20,000+ on apparel 11.2% 28.4% 83.5%
Spend $10,000+ on accessories (shoes, handbags, luggage) 15.0% 34.3% 64.8%
Spend $10,000+ on watches and jewelry 11.7% 29.9% 93.4%
Spend $5,000+ on a watch only 1.5% 7.5% 48.4%
Shop at least four times annually at Neiman Marcus or Bergdorf Goodman 35.0% 22.4% 36.3%

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