Are the Rich Really Different? Maybe When It Comes to Furniture, Vroom, Vroom
Take a look at how Forbes says the really, really wealthy spend their money: $1.1trillion. But, Bank of America says Vanity Capital comprises $4.3 trillion. Wherein lie the missing trillions? It’s the money the rest of us spend attempting to be cool, self-confident and assured.
What’s interesting (or at least one of the interesting elements) on this chart is the case luxury cars have made versus the furniture folks. I understand that perhaps we don’t go on a cruise or sail on a yacht all the time, but we do use furniture on a daily basis. Ditto cars. Why the remarkable discrepancy? Is it that the really rich entertain in hotels and restaurants (and on board their private jets and yachts) so they don’t need nice furniture? It can’t be that gorgeous furniture is cheap or that Richie Rich only has one home and it was decorated 20 years ago.
I suspect it’s that luxury cars have become the sine qua non of wealth identity. You really can’t be rich without having one or two really fabby automobiles – with Branded bragging rights attached. And, hey!, they’re fun to drive (or be driven in). Everybody stops and stares, in envy, awe or simple appreciation. We kinda even know the price tag as it speeds by. We certainly know the name. It’s a Bentley. It’s a Ferrari! No wait: It’s a Lamborghini! Hey! Furniture folks: Let’s figure out how to be the badge (or at least create a ‘previously owned, certified’ market so you can speed through the turn).