Wealthy Spending Habits Are Changing: 4 Surprising Experiences the Rich Are Buying

The sleek, gleaming Maserati lounging in the garage. A stunning beach house, close enough to the shore to hear the crashing waves. The closets full of vintage designer clothes; shiny, expensive shoes; and sparkling jewelry bright enough to attract the attention of a satellite.

For many of us, these are the aspirational images of wealth, the objects that prove that our bottom lines have been looking up. However, in reality, many wealthy people prefer to spend their money on meaningful experiences instead of countless material possessions.

Pandemic-related lockdowns ushered in a renewed passion for travel among all Americans, and wealthy people are no exception. According to the Bureau of Labor Statistics, there have been significant increases in travel-related expenditures since restrictions have eased, particularly among the highest quintile of income earners.

News like this isn’t surprising to Chad Willardson, founder and president of Pacific Capital, who has seen his clients prioritize vacation time with the people they love. “After travel and other in-person experiences were limited, many people’s priorities shifted because they could see what they’d lost,” he said. “People would rather spend money on unique experiences with family instead of a new car.”

Destination vacations tied to specific events, such as festivals and major sporting events, are also in vogue among the people who can afford them. Willardson cites the example of someone who flew his family out to see the Rose Bowl, hoping that his children would remember being at the big game for years to come.

The old saying, “healthy, wealthy, and wise” certainly fits many of the high-income consumers who are using their resources to get better health outcomes for themselves. As the bestselling author of the book, “Fit for Wealth: 7 Breakthrough Strategies for Elite Health and Abundant Wealth,” Willardson is uniquely attuned to the intersection between wealth and wellness. He’s seen more clients move away from purchasing luxury items while investing in technology like biometric wearables and trackers that can monitor the number of steps they take every day to the quality of their nutrition and fitness. “There’s been a major shift toward ensuring better health and longevity,” he said.

High earners who are either too busy for conventional gym hours, or simply prefer the convenience of working out at home, often need to assemble home gyms — and top-of-the-line equipment doesn’t come cheap. In fact, the elite Peleton+ treadmill will run you over $5,000 before you run your first 5k. However, these are often prices people are willing to pay, including hiring personal trainers to help them get the max out of their workouts.

Watching Taylor Swift at one of her career-defining Eras tour dates while sitting in the comfort of a VIP lounge is a once-in-a-lifetime experience. So is getting a front row pass to see Miss Sasha Fierce, aka Beyonce, in the flesh.

As more high-income people find the value in making memories, they’re shelling out more money for elite concerts and entertainment. According to a report published in Pitchfork, the price to see major pop acts is only going up, with ticket prices on resale sites for acts like Swift, Beyonce, Harry Styles and Coldplay going for at least $1,000 per person.

For Bob Chitrathorn, founder and vice president of Wealth Planning for Simplified Wealth, the emphasis on purchasing access to one-of-a-kind events is part of a sea change in how clients perceive the purpose of their wealth. Like Willardson, he attributes some of this change to a post-pandemic sense of appreciation of life and desire to have more fun.

“I think it just helped people realize that they’d rather spend time with family and friends as opposed to impressing family and friends with tangible possessions,” he says. “More of my clients are talking about the fun they had and the memories they made … They enjoy sharing pictures of these experiences a lot more than any possession.”

A quality education is a pathway toward opportunity, so it’s no wonder that many wealthy people are using their resources to ensure that their children have access to high quality higher education. Wealthier people are thinking even beyond college or graduate school, they’re also investing in elite private schooling as well.