4 Products the Wealthy Never Sacrifice Quality On
Written by
Chris Adam
Edited by
Maria Concepcion
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
You’ve probably heard someone say it’s better to buy for quality than quantity. That person may be a wealthy relative or friend.
After all, many surveys show that wealthy individuals tend to be good savers and selective spenders. Here’s a look at a few products the wealthy never sacrifice quality on.
Healthcare Items
Let’s start with this – many wealthy individuals and families prioritize health. In fact, they’re more likely to devote money and time to their health than those in less wealthy households.
According to Fortune, “Specifically, a vast majority of higher-income Americans — over 80% — imagine prioritizing sleep, a strict diet, regular health checkups, and stress management in the future.” When spending on healthcare products, higher-income Americans look for quality options and splurge on items they think will help improve and sustain their health.
Food
Turning back to diets, the wealthy tend not to sacrifice quality when it comes to food. We’re not talking about eating out at fancy restaurants, but rather more natural and less processed food options.
If you’ve been shopping lately, you know healthier food options cost more at the grocery store than processed and less healthy ones. The wealthy aren’t afraid to splurge on fresher and less processed foods, knowing the importance of diet on overall health.
Pet Supplies
Your income bracket doesn’t determine how much love you’ll pour on your pet – but it might influence your spending on their food and toys. According to the U.S. Bureau of Labor Statistics, people in the highest quintile spend over four times more on their pets than those in the lowest quintile.
Clothing
You may have heard of famous rich people who keep their wardrobes extremely basic and streamlined. It turns out that many wealthy individuals like to buy several quality pieces rather than lots of lower-quality items. They know higher-quality clothing items are more likely to last and may cost less compared to continuously replacing things that are not as high in quality.
According to The Motley Fool, “…women and girls spend an average of $545 per year on clothing, while men and boys spend just $326.” While the wealthy may have more money they could spend on clothing, they’re likely never to sacrifice quality for quantity.
More From GOBankingRates
