Source: FT.com

The mood of frugality that has led US consumers to seek out discount retailers such as Wal-Mart and Costco has increasingly spread to the affluent and wealthy, according to a survey of attitudes in some of America’s richest households.

The research, based on interviews with 625 respondents who represent the wealthiest 10 per cent of US households, found that 80 per cent said they were looking closely at every spending category to see where they could save – up from 68 per cent in April.
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The survey, carried out at the end of June by Harrison Group and American Express Publishing, focuses on households with discretionary income of at least $100,000, after taxes, mortgage and education costs and other regular payments.

Fifty six per cent of respondents said they were buying fewer big-ticket items now than they did six months ago, while 82 per cent said they waited for something to go on sale before they bought it – a 15-point increase since December 2007.

Jim Taylor, of Harrison Group, said the results showed that “contrary to reports on wealthy families’ inoculation against the effects of recession, many at the top of the wealth spectrum are cutting back as well”.

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