The so-called “richcession” — the idea that a rough economy will hurt the wealthy more than everyone else this year — may be overstated.
Where is all the money going, then? According to Moody’s chief economist, Mark Zandi, it’s going toward having a good time instead of buying stuff:
“It’s just a shift in preferences,” he added. “They’re out doing things, so that’s where the money is. They’re going to see Taylor Swift for $2,000 a pop. They’re not buying Rolex watches.”
Insider quoted a luxury vacation planner who said bookings for high-end vacations — such as private tours of the Vatican, or Arctic expeditions, which can cost more than $400,000 — are up 34% in the past six months compared with the same period of 2022.
If it’s true that wealthy consumers have mostly caught up on the pandemic’s pent-up demand for shopping and are now turning to services and experiences, should the rest of us follow suit?
As Money Talks News founder Stacy Johnson put it years ago:
“Just remember that when you’re on your deathbed, you won’t be remembering the things you had, you’ll be remembering the times you had. So as often as you possibly can, surround yourself with the people you love and make some memories. You’ll be glad you did.”
Such experiences don’t need to break the bank. Here are dozens of affordable experience gift ideas for all types of people.