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The Spending Habits of the 0.01%

Posted By Barry Ritholtz On June 16, 2014 @ 8:30 am In Consumer Spending,Psychology,Really, really bad calls | Comments Disabled

Attention peasants: The Greubel Forsey GMT at $549,000
[1]
Source: Greubel Forsey [2]
I have been hearing a lot about the spending habits of the 0.01 percent lately.

Perhaps, a little bit too much.

Don’t worry, this isn’t going to be a class-warfare rant or a treatise on living the simpler, less materialistic life. Rather, it is a suggestion to some folks that perhaps they might want to make some of their conspicuous consumption a little less conspicuous.

For example, I learned last week that Tiffany & Co. had a secret room [3] for the big spenders. That’s because when you’re dropping $20 million on a necklace that, according to Tiffany’s vice president, is being bought with literally a wheelbarrow full of cash, you want some, you know, privacy.

Or how about those folks who want to learn how to drive a $500,000 car [4] very, very fast and they need to take a specific class? It’s tough luck if you don’t have a Lamborghini Aventador Roadster yet, because they are sold out. So is the new $1.4 million Ferrari LaFerrari. You can still buy a Bentley GT or a Ferrari California T — assuming you don’t mind hearing the derisive snickers of the parking valets behind your back.  Continues here [5]


Article printed from The Big Picture: http://www.ritholtz.com/blog

URL to article: http://www.ritholtz.com/blog/2014/06/the-spending-habits-of-the-0-01/

URLs in this post:

[1] Image: http://www.greubelforsey.com/sites/default/files/styles/montre-full/public/gf05_pt_0.png?itok=GBvzdS_Z

[2] Greubel Forsey: http://www.greubelforsey.com/en/collection/gmt-1

[3] secret room: http://www.bloomberg.com/video/inside-tiffany-s-secret-room-for-top-spenders-CPxIVtIISdOiWbCGQr6zpw.html

[4] drive a $500,000 car: http://bloom.bg/1o7wkjc

[5] Continues here: http://www.bloombergview.com/articles/2014-06-16/the-message-of-a-549-000-watch

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