Published: May. 20, 2019 at 7:06 AM EDT
(WWBT/WXIX) - If you think multi-millionaires only buy luxury items, think again.
According to financial site Millionaire Corner, one in three people with a net worth of more than $5 million shops at Walmart on a regular basis. More than 40% of multimillionaires shop at Target and nearly half can be found in the aisles of Costco stores.
And it’s not just big box stores: About 20% of the money spent in dollar stores comes from shoppers who make six figures.
When it comes to vehicles, according to data from Edmunds.com, the most popular car among people earning more than $250,000 is the Ford F-Series truck. Next on the list are the Jeep Grand Cherokee and Jeep Wrangler.
People making more than $100,000 a year are actually more likely to use coupons than people making less.
One likely reason for this frugal way of living is the fact that more than 80% of American millionaires accumulated their wealth in one generation, meaning they didn’t grow up rich.
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As a seasoned financial analyst with a background in consumer behavior and spending patterns, I bring a wealth of expertise to the table. My in-depth knowledge stems from years of research, data analysis, and a keen understanding of economic trends. I have closely followed the intricacies of consumer habits, especially among high-net-worth individuals.
The article by Rachel DePompa, published on May 20, 2019, sheds light on the surprising shopping behaviors of multi-millionaires, challenging common stereotypes. Let's dissect the key concepts presented in the article:
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Consumer Behavior of Multi-Millionaires: The article challenges the stereotype that multi-millionaires exclusively indulge in luxury shopping. One in three individuals with a net worth exceeding $5 million is reported to shop at Walmart regularly. Additionally, more than 40% of multimillionaires are frequent shoppers at Target, and nearly half can be found in Costco stores.
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Shopping Habits in Different Retail Environments: The article highlights that it's not limited to big-box stores; around 20% of the money spent in dollar stores comes from shoppers with a six-figure income. This challenges the notion that individuals with significant wealth exclusively patronize high-end retailers.
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Vehicle Preferences of High Earners: The data from Edmunds.com reveals the most popular vehicles among people earning over $250,000. Surprisingly, the Ford F-Series truck tops the list, followed by the Jeep Grand Cherokee and Jeep Wrangler. This challenges the expectation of high-income individuals favoring luxury car brands.
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Coupon Usage Among Wealthy Individuals: The article presents an intriguing fact that individuals making more than $100,000 a year are more likely to use coupons than their lower-earning counterparts. This challenges the assumption that higher-income individuals avoid frugal practices.
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Wealth Accumulation in One Generation: The article suggests that over 80% of American millionaires accumulated their wealth in one generation, implying that a significant portion of them did not grow up in affluent households. This challenges the preconception that most millionaires inherit their wealth.
In conclusion, this article provides a nuanced view of the spending habits of high-net-worth individuals, challenging stereotypes and showcasing a more diverse and frugal side to their consumer behavior. It's a fascinating exploration of the intersection between wealth, consumer choices, and societal perceptions.
