Luxury Consumers Not Planning To Spend Their Rebate Checks
Congress rushed the Economic Stimulus Package through so we could jump start the economy by spending our new allowance at retail outlets. But don't expect the uber-wealthy to be contributing in that fashion. When polled, more luxury consumers stated they would rather save, invest or pay down debt with their rebate checks than spend it on something for themselves. Considering these high-end buyers typically spend double of what regular households will, their lack of participation in this movement is bound to send shock waves through the economy and back to Congress who may not get the results they had hoped for. That just means the rest of us who make less than $100,000 per year need to take our checks and spend, spend, spend! Is that why we aren't rich in the first place?