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Summer Spending
Summertime . . .
05/21/2007

. . . And the living is easy.

America’s wealthiest families plan to spend 55 percent more this summer than they did in summer 2005. The Summer Spending Survey, involving households with assets of more than $10 million and conducted by Elite Traveler magazine and Prince & Associates, shows that families plan to up their spending in 17 luxury categories to $622,202 per household, compared to $399,187 two years ago. Figures from 2006 were not available.

The three largest growth categories are audio-visual products, up 121 percent to $31,000; designer apparel and accessories, 112 percent to $34,000; and resort stays, 112 percent to $41,000. More than 93 percent of the respondents said they plan to spend an average of $56,000 on entertaining, plus an additional $41,000 for wine and spirits.

The respondents also said they plan to increase charitable giving to an average of $82,000, a $30,000 jump over 2005.

The survey, conducted earlier this month, included 198 households.

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