Rich People Love Bargains Too

Found this in the October issue of Money Magazine:

74% of families with incomes over $500,000 say they now wait for sales before buying.

Maybe this is what's wrong with our economy -- even the wealthy are looking for deals before they buy! ;-)

Comments

[kainr2]

I think the idea of getting a bargain always makes the person feel better, regardless of income or wealth. Just like "winning" an argument.

[JEM]

My parents are well off and they are both frugal as heck. They would never even think of paying full price. Then again they have always been this way and I think that is why they are well off now.

[kitty]

I think kainr2 has it right. It is a 'high' to get a bargain.

I don't know people with 500K+ income, but I do know a couple with 300K+. They always look for bargains. The lady - my childhood friend- buys clothes at TJ Maxx. She does like jewelry, though, and they do have a vacation home; but they save on other things. This is actually quite advantageous for me - if I go with her to a theater or even if we go on a trip together, our views on what is cheap or expensive are similar: they fly coach, buy cheap non-refundable tickets, stay in very reasonable hotels, eat in reasonably priced places, etc.

Amusingly the behavior pattern is different from some of "new rich" in countries like Russia. Over there the rich want to spend on some things to show off how rich they are. One of popular "new Russians" jokes goes like this: "Look at this tie I bought for $500! - So what? Here I have exactly the same tie and I bought it for a $1000!".