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Affluent Consumers · Frugality · Retail Trends · Wealth Management
Affluent Americans, exemplified by Warren Buffett, consistently demonstrate surprising frugality in daily spending, frequently opting for modest cars, shopping at discount retailers like Walmart and dollar stores, and actively using coupons, even as their overall luxury spending increased by 6.6 percent in 2015, according to YouGov.
Warren Buffett, CEO of Berkshire Hathaway, famously eats McDonald's breakfast daily and still lives in the Omaha home he bought for $30,000 in 1958. Pam Danziger of Unity Marketing notes that rich people don't get wealthy by spending it all, while Scott Tucker of Scott Tucker Solutions highlights thriftiness as habit-forming.
The 2015 Survey of Affluence and Wealth by YouGov indicates that fear of wealth impermanence and recession-era financial management practices contribute to these enduring attitudes. Data from Edmunds.com (August 2016) shows the Ford F-Series as the most popular car among those earning over $250,000, and TrueCar.com found half of the top 10 vehicles in wealthiest zip codes are non-luxury.
Millionaire Corner's 2014 survey revealed one in three people with over $5 million net worth shop at Walmart, with nearly half at Costco. NPD Group data (July) confirms many dollar store shoppers earn $100,000 or more.
Deals.com (2010) and University of Arizona (2011) research show affluent individuals, including actress Kristen Bell, are more likely to use coupons. However, a study published in the Chronicle of Philanthropy, using IRS records, concludes that households earning $100,000 or more give a lower average of 4.2 percent of discretionary income to charity compared to 7.6 percent from middle-class households earning $50,000 to $75,000.
