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Wealthy Plan to Spend Almost Twice as Much on Gifts as ‘Average Joes’

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The wealthy are going all out this holiday season.

According to a report from Forbes Insights, affluent consumers are planning to spend close to $1,850 during the 2011 holiday season, an increase of 2% from 2010 and 5% from 2009.

Of these funds, $1,100 is earmarked for gifts for family, friends and other loved ones, while $376 will go to non-gift purchases, since affluent consumers will try to take advantage of the deals being offered over the holiday shopping season.

Results are based off of interviews with 8,500 U.S. adults. Affluent consumers were defined as those with household incomes greater than $100,000.

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Forbes says average consumers, on the other hand, plan to spend close to $630 on holiday gifts. This estimate is lower than the $704.18 the National Retail Federation is predicting consumers will spend on holiday gifts and seasonal merchandise this year, down slightly from last year’s average of $718.98, though that survey doesn’t separate consumers based off of household income.

The NRF also found, incidentally, that a majority of consumers planned on doing some self-gifting this year in an effort to capitalize on discounts.

Other items Forbes found that affluent consumers plan to spend money on include decorations, candy, food, greeting cards and seasonal flowers.

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Image: diablodale, via Flickr.com

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