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2007 SUMMER SPENDING SURVEY

The 2007 Summer Spending Survey by Prince & Associates reveals affluent individuals' plans to spend over $622,202 on luxury items. Electronics, Apparel, Resorts, and Jewelry top the list. Despite economic factors, the super wealthy remain unaffected. The survey also shows preferences for cruises, luxury hotels, spas, and unique travel experiences.

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2007 SUMMER SPENDING SURVEY

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  1. 2007 SUMMER SPENDING SURVEY Conducted by Prince & Associates May 2007

  2. RUSS ALAN PRINCE • President, Prince & Associates, Inc. • Consultant to financial institutions and high-end financial advisors and lawyers • targeting the ultra-affluent • Institutional clients include: • AIG, American Express, Bank of New York, Chase, Citigroup, • Bear Stearns, Goldman Sachs, Merrill Lynch and Morgan Stanley • Contributor to Institutional Investor • Author of over 35 books focused on wealth management for the ultra-affluent • Regularly quoted by Wall Street Journal as expert on high-net worth individuals

  3. SURVEY PARTICIPANTS • Representative Sample of high net worth individuals obtained through lawyers and financial advisors • Survey conducted by telephone and in-person interviews • 198 individuals were surveyed, each with a Net Worth of $10 million +

  4. SURVEY HIGHLIGHTS • Survey participants plan to spend an average of $622,202 on luxury goods and services across 17 different categories during Summer 2007. • Spending across all categories will climb by 56% over 2005, the last time the Summer Spending survey was conducted. • Among the highest growth categories projected for elite spending are Electronics (up 121% to $31,000 spending over the summer), Apparel and Accessories (112% increase to $34,000), Luxury Resorts (78% to $41,000) and Jewelry and Watches (49% gain to $94,000). • According to Russ Prince of Prince & Associates, “The Super Wealthy are not impacted by external influences such as gas prices, job outlook and mortgage rate increases.” • Some other highlights: 48% plan to take a cruise, spending $92,000; 95% will stay at Luxury Hotels (separate from Resorts), spending $48,000; 68% will go to Spas, spending $61,000; 26% will take Experiential Trips, spending $103,000; 16% will rent Villas, spending $106,000, 45% will redecorate, spending $129,000; 85% will purchase Wines and Spirits for either Entertaining or Personal Consumption, spending $41,000, 11% will rent yachts, spending $384,000.

  5. SURVEY RESPONSES 2007 Planned spending v. 2005 Actual Spending In descending order by $ change N= 198, 2007 N= 304, 2005

  6. SURVEY RESPONSES 2007 Planned spending v. 2005 Actual Spending In descending order by % change N= 198, 2007 N= 304, 2005

  7. TRAVEL RELATED SPENDING 2007 Planned spending v. 2005 Actual Spending In descending order by % change N= 198, 2007 N= 304, 2005

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