Neiman Marcus has learned what other brands have long known: that even uber-wealthy clients love a great deal
Rich people love a deal as much as you do.
That’s the lesson Neiman Marcus is learning these days, according to a new report from the Wall Street Journal — which notes that “high-end chains, which raised prices incessantly over the past decade, are learning the hard way that even wealthy customers are hunting for better deals.”
“Even a very rich person can say, ‘Enough is enough,’ when it comes to price,” Matthew Singer, Neiman’s former men’s fashion director, told the Wall Street Journal.
That’s something big box retailers, car companies and others have known for a while now. Here are four things that show you rich people are cheap.
They shop at Walmart and Costco
Rich people like prices to roll back too. One in three people worth $5 million or more say they shop at Walmart, according to a survey of 1200 affluent investors by financial site Millionaire Corner; about one in four shop at Target. Warehouse Club Costco is also popular, with about half of rich people saying they shop there.
They can’t resist the dollar store
For every $5 spent at the dollar store, $1 of that is spent by someone who is making $100,000 or more, according to data released by research firm NPD Group. Rich people make about one trip a month to the dollar store.
They drive Fords and Jeeps
The most popular car among those raking in $250,000 a year or more: the Ford F-Series, according to data released in August by car site Edmunds.com. That was followed by the Jeep Grand Cherokee and the Jeep Wranger. (The Lexus RX and BMW X5 rounded out the top 5.) A spokesperson for Edmunds says that this is because “most of the wealthiest Americans look for their vehicles to perform the same kind of functional tasks that everyone else does.”
They clip a lot of coupons
Data from Nielsen shows that households making more than $100,000 a year were among the most likely to be frequent coupon users. “With the value offered by coupons, one might think that the lowest income households would be among the heaviest users. In fact, more affluent households dominate coupon usage,” Nielsen writes. A study from 2011, which also found that more affluent people used more coupons than their less well-off counterparts, notes that the affluent “don’t use coupons because of financial constraints but because they perceive coupons as saving them money.”
A deal is a deal — even if you don’t really need it.
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