Wealthy go frugal

Wealthy folks are shunning more expensive discretionary items. A Luxury Institute survey suggest wealthy people will rein in spending on luxury things and seek experiences that create more personal satisfaction. These experiences include travel and dining. People are taking exception to the high price tags on designer items. In a study of 500 pentamillionaires, ( net worth exceeding $5 million), 80% ( 4 out of 5 ) say that pricey designer items have lost their attraction.