Where the Wealthy Shop to Save the Most Money
The last time I surveyed this blog’s readership, what surprised me the most was how wealthy so many of you were.
Why survey the readership? Well, I figured that the more I know about my readers, the better job I could do in writing appropriate posts.
That way, when I share information, I know it’s on topics that you want to read.
Who are the blog readers
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When I talk about a wealthy readership, I’m not talking about Richie Rich rich. However, I discovered that more than a third of readers had household incomes between $75,000 and $150,000 plus!
I created this infographic on the readership after the survey was complete and added it to this blog’s media kit.
Where the wealthy shop to save the most
At some point, I’ll need to survey all of you on your favorite places to shop. However, if I had to guess, I would say the readship aligns with this Adweek article.
That article covered a survey that asked millionaires where they were most likely to shop.
While you might think that they would give answers like Gucci or Ralph Lauren, you would be wrong.
Here’s a snapshot of those responses:
Among respondents with a net worth of $5 million or higher, the top retail destinations were Home Depot
, Lowe’s and Target—with 61, 44 and 41 percent reporting, respectively, that they like to shop there. Nearly half the well-heeled respondents also said they liked to shop at Costco, and a full third admitted to setting foot in Walmart.
Many of those surveyed–nearly half–also admitted to using Groupon on a regular basis.
You see, smart rich people know that the best way to build wealth isn’t to invest well (though that helps) but instead to be frugal about purchases and save money when shopping.
Rich celebrities and famous save money at…
Some of the places that rich celebrities and famous people, including politicians, shop to save the most money are probably the same places where you shop.
This includes:
- Target (Britney Spears, Michelle Obama, Beyonce)
- Costco (Mark Zuckerberg, Jessica Alba, Mitt Romney)
- TJ Maxx (Taylor Swift, Amber Heard)
- Walmart (Rihanna, Britney Spears again)
- Home Depot (Ben Affleck, Dax Shepherd)
I’ll say it again: one of the reasons these folks mentioned in the Adweek article believe that they’ve been able to make so much money is because of their frugal tendencies, such as shopping at regular chain stores.
In other words, they were smart with their money.
Did you know that billionaire Warren Buffet eats breakfast at McDonald’s nearly every morning because of the value he sees in a McMuffin?
Saving money over the long run
That’s been one of my goals since starting this blog in 2007–helping readers get the most for their time and money. In other words, my brand is all about getting the most for your hard earned buck, not necessarily going for the cheapest price.
On the one hand, cheapskates, misers and tightwads look for the lowest price possible. On the other hand, the frugal among us might spend a bit more for something, knowing that they’ll get more use out of that product or service in the long run. Therefore, we’re actually saving the most money over the long haul.
For example, this is why I tend to buy products that come with a warranty. Or, I choose to shop at stores that stand behind their products or offer excellent customer service, such as Nordstrom.
Finally, many celebs have Pelotons because they see the value in them, too.
My Walmart isn’t for the faint-hearted: the help can be hard to find and indifferent. It’s also important to keep a sharp eye out for look-alike merchandise of inferior quality. That said, I do well at the pharmacy and in clothing (women’s) with lines such as Danskin, Vassarette, etc. I wore a Walmart maxi skirt to the symphony on Saturday and three women stopped me to compliment my the look and ask where I found the top, skirt, etc. The top was from Soft Surroundings but the skirt was <$10 on sale from W! W's basic Ts, etc., do stand up and it's worth looking carefully because the price point can't be beaten — even at thrift stores. I shop Target, but there too I avoid their top designers/trendy items. By sticking to basic items that I can jazz up with quality or unique items (including accessories), I keep my costs down and can afford to pick up a few really nice things to use for many seasons.
That’s how I do things, too. I use a store like Target or Old Navy to buy a few things to stay on trend. I tend to get basics that will get me through season after season at some more expensive stores such as Banana Republic and Nordstrom. These tend to stay classic looking for years, and over time are a great bargain. I’ve also been known to get staples via resale sites like ThredUp.
ThredUp is a really great site, as are consignment and thrift stores in tonier neighborhoods. I also shop end of season sales at the more expensive department stores and their websites for staples like wool skirts, white blouses, better-quality colored tees, basic pants and timeless LBDs. For of-the-moment updates and trendy color pops, I shop Walmart, Target and other discount stores. Sometimes friends and I swap them. And for classic, expensive shoes and handbags I like ZOOX.com. You can find online coupon codes for so many of these items!