That's according to a slender survey by the wannabe glossy Elite Traveler. Inflation may be screamingly evident at the grocery store, and gas prices may be at records highs, but U.S. ultra-high-net-worth families are planning to have a grand time this summer. At least that's the inference from a survey in Elite Traveler magazine, which suggests that families worth at least $10 million are this year planning to increase their "summer spending" by 55% over 2005 levels.

"This survey underscores the spending power of the super rich and also reflects that this segment is not impacted by the ups and downs of the overall economy," says Elite Traveler's president Douglas Gollan. "Unlike mass-affluent consumers who may splurge and charge up credit cards to buy jewelry or watches for the holidays, it is interesting to see that the super rich spend money on virtually every type of luxury good and service on a continuous basis."

Stuff (mostly)

According to the magazine's early-May 2007 survey of 198 high-net-worth families, respondents plan to increase luxury spending to an average of $622,202 per household, up from $399,187 during the summer period of 2005.

The three largest growth areas for increased spending are audio-visual products, up more than 121%; designer apparel and accessories, up more than 112% and luxury resort stays, up more than 78%. In these categories, the "average" Elite Affluent customer will spend $31,000 on electronics: $34,000 on apparel and accessories and $41,000 on luxury resort stays.

These "elite affluent" also have their eyes on watches and jewelry this summer. According to the report, 73% of those surveyed will buy luxury watches or fine jewelry, spending an average of $94,000; an increase of nearly 50% over summer 2005.

Projected expenditures on summer entertaining also registered gains. More than 93% of those surveyed will spend an average of $56,000 on entertaining. Sales of wines and spirits will also increase, reaching $17,000 for personal consumption and $24,000 for "entertaining."

But consumption isn't the only thing on the agenda this summer. Nearly all of those surveyed said they will be increasing their charitable giving in the coming months. Survey respondents will average $82,000 in contributions to their favorite charities this summer, a $30,000 increase over summer 2005.

(That's at broadly odds with a recent survey on private philanthropy by Northern Trust.)

Research and consulting firm Prince & Associates helped Elite Traveler formulate the survey. -FWR

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