"Stuff Rich People Like: Hotels, Rugs, Tickets"
It’s still August recess, so I’m still bored and looking at government statistics. Rich people, being rich, spend more money on just about everything than do poor people (rental housing is the exception). But we can look at the Consumer Expenditure Survey data to see which things have unusually high and unusually low ratios of spending by the top quintile relative to the bottom quintile. Here are the five with the highest ratio, and the five with the lowest ratio:
“Other lodging” in this context means, I think, hotel rooms. “Fees and admissions” is a sub-category of entertainment, so tickets to sports games, concerts, plays, movies, etc. “Other entertainment supplies” is as opposed to “Audio and visual equipment and services” and “Pets, toys, hobbies, and playground equipment,” so I don’t actually know what that means in practice. But basically rich people are taking advantage of their wealth to entertain themselves, travel, and buy expensive rugs (which seems strange).
By contrast, rich people are not spending much more on tobacco products, eggs, pork, processed vegetables, or fresh milk. Presumably, there are only so many eggs one wants to eat no matter how rich one becomes. This does suggest, however, that there’s a possible market opportunity in selling some kind of very expensive premium pork products to rich people who are currently failing to deploy their income in this delicious manner. Bellota ham, anyone?