If your first guess about the three favorite shopping locations for U.S. households with a $1 million or more in net worth includes high-end retailers, guess again. A new report by The Shullman Research Center reveals that an overwhelming 62% of millionaires say their favorite place to shop is Amazon. Coming in at second place, with a hearty 54% “approval rating,” is Walmart. Clocking in at third, with some 49% of the vote is Target.
If you look at the information more closely, you’ll see that shopping preferences differ based on the generation. And although the Silent Generation (those 68 or older) represent about 7% of millionaires, the report is, well, silent on this group.
This information reflects the fact that millionaire households may have accumulated high net worth, but they are still frugal shoppers.
*Top 10 of 100 shopping locations researched by The Shullman Research Center