6 Things the Rich Never Buy During the Holidays
Written by
J. Arky
Edited by
Molly Sullivan
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
Hard to believe that the calendar moves so fast, but this year’s holiday season is right around the corner and that means it is time for the massive shopping rush to begin. While many of us are trying to figure out our naughty and nice gift lists, there is one group of people who know exactly what they are not buying for the holidays: rich people.
The 1% of society have always had enough money, as well as access, to pick and choose what goes in their stocking or underneath their trees; however, this time of year they avoid certain purchases over others.
“In general, the wealthy approach their purchases differently — they’re not driven by the same holiday urgency or desire for deals,” said Jason Wise, editor of EarthWeb. “They value exclusivity, customization and having what they need when they need it, rather than waiting for the big sales. They’ll make purchases year round when it suits their lifestyle, and holidays just aren’t when they’re looking to upgrade or invest in tech.”
Here are six things the rich never buy during the holidays.
Also see three things the rich never hesitate to spend on.
Gift Cards
For some people, cash is king. For the rich, gift cards are far from royalty during the holiday season.
“One thing I have never seen the rich buy during the holidays (or even ever) is gift cards,” said Cyrus Partow, a digital entrepreneur who helps shoppers find and compare deals from thousands of online stores. “Gift cards are essentially ways to convince people to spend money and hope that people lose them. Every millionaire I know will give cash or a check instead of gift cards.”
Wise added, “Digital gift cards or credits for app stores and online platforms aren’t as common among wealthy buyers during the holidays. These are popular stocking stuffers for many; but, for the wealthy, these purchases aren’t something they wait to gift. If they need something, they buy it outright — and they don’t view digital credits as an exciting or thoughtful present.”
Mainstream Toys
Barbie might look like she is part of the upper crust, but the rich would never consider buying her or other standard, popular toys for Christmas.
“Every rich person I know will buy them either starting in January or, at the latest, September,” Partow said. “They know there will be shortages and supply chain challenges and instead look to buy the presents at a different time. Many times the items are discounted due to lower demand. My parents taught me this trick when I was 8, and I have used it frequently.”
Subscription Services
Wise has found that most of the rich skip out on buying subscription-based digital services that are often pushed during the holidays, like streaming platforms or cloud storage upgrades.
“While the rest of the population might jump at the chance to snag a discounted annual plan, the wealthy aren’t waiting for a sale to subscribe to something they see as essential,” Wise said. “They prioritize convenience and ease over timing their purchases for holiday deals. If they need a service, they’ll sign up right away, no matter the time of year.”
Jewelry
Diamonds, gems, gold and silver are the things that rich people love to buy, except at the end of the year.
“Jewelry may be a popular gift, but it will likely be sold at full price or even a premium,” Partow explained. “The ones on sale are usually overstocked or in little demand. I have used the same advice my parents gave me when I was 8, and I purchased from January to September. I bought my wife earrings at half the price just by purchasing them in the month of June.”
Beverage Glasses
The holiday season is a time to toast to the occasion and raise a glass, except that the rich do not buy their glasses during the final stretch of the year into the holiday season.
“Some people are fans of wine glasses or tumblers, but many people may not be or may even have stopped drinking for certain reasons including pregnancies,” Partow said.
“Not only could it be inconvenient for the receiver of the gift, but it could be awkward and even insulting. However, preparing wine or some other special drink is not insulting as a group gift to share with the people you share the holidays with.”
High-Tech Gear
High-end tech gadgets like the latest smartphones or tablets often don’t make it into the carts of wealthy shoppers during the holiday season, according to Wise.
“While these products are heavily marketed and discounted, the wealthy tend to buy these items when they first launch, long before the holiday rush,” Wise said. “By the time December rolls around, they’ve already got the latest device and don’t feel the need to chase the seasonal deals. For them, it’s not about saving a few bucks during a sale; it’s about having the best tech as soon as it’s available.”
Wise noted that this included a “bundled tech gift” where a free accessory is included with the purchase of another gear-based item.
“These bundles are appealing to the average shopper because they offer a perceived value, but the wealthy don’t want extra gadgets they didn’t specifically choose,” Wise said, highlighting how the rich prefer to buy products that fit their exact needs and tastes, “so the holiday bundles just don’t attract them.”
Conclusion
“When it comes to holiday shopping, patterns reveal a lot about a person’s mindset, and the wealthy tend to shop very differently from the majority,” Wise said.
“After years of analyzing consumer behavior, especially around the holidays, I’ve noticed that there are certain things the upper crust simply doesn’t buy during this time of year. It’s not because they can’t afford them, but because their approach to spending is more strategic, particularly when it comes to tech products and digital items.”
More From GOBankingRates
