Search for Carlsbad Luxury Homes. When it comes to millionaires, many of us suffer under a number of misconceptions. Most seem to think they all live in big mansions, drive the biggest, fastest cars and would never dream of being caught dead in a department store. The truth, though, is that millionaires are probably far more “normal”, on average, than we give them credit for. Consider the three stores they’re most likely to shop at as just one telling example.
According to a recent survey by The Shullman Research Center, 62% of American millionaires claim that their favorite place to shop is online at Amazon.com. Now, perhaps it’s because they simply can’t stand to be around peasants like you and me, but there are a number of other reasons that would make sense as well.
Obviously, Amazon is well known for the amount of convenience it offers, something just about everyone enjoys about the online goliath. However, consider too that they offer just about everything under the sun. No matter what your particular tastes are, then, you can find it there.
Another interesting aspect of this result is that 64% of millionaire Millennials named Amazon, while that number fell to 41% for the Gen X crowd. Baby Boomers, however, were most passionate about the store with 67% saying they preferred it.
Here’s a result most people probably didn’t see coming. Just because you have at least a million dollars in the bank doesn’t mean you want to overspend on socks. That’s one interpretation, anyway, of why so many millionaires said they love Wal-Mart.
However, the numbers are far lower than with Amazon. Only 48% of Millenials put it in their top 10. Gen Xers came next with 49% and then Boomers with 55%. Amongst Gen X shoppers, though, Wal-Mart was the favorite destination.
Another eye-opener may be Target. Once again, millionaires may have frugalness to thank for at least a portion of their savings. This was one of the least favorite places for Gen Xers, though, with only 28% of those surveyed saying it would make their top 10 list of places to shop. Baby Boomers preferred it the second most with 58% and Millenials seemed lukewarm on the matter with just 43%.
Other interesting results were Costco, which once again suggests the rich don’t necessarily enjoy overspending if they don’t have to. eBay also seems to make the same point. However, like Amazon, it could also have something to do with the absurd selection they can depend on as well.
The rest of the top 10 were filled out by, in descending order of popularity:
• Best Buy (38%)
• Macy’s (37%)
• Costco (35%)
• Home Depot (33%)
• Lowe’s (33%)
• eBay (31%)
• JC Penny (29%)
The least favorite place for Millennials was Home Depot. For Gen X shoppers it was JC Penny and for Baby Boomers, it was eBay.
If there are takeaways here it’s that Generation X is unique when compared to those born right before and after them and that, despite all their money, millionaires tend to shop a lot like the rest of us.
~ Cherie Young ~
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