And "Gluttonomy" Has Passed As Affluent Look To Spend Generously - But Differently - This Year

Latest research from American Express Publishing and Harrison Group reveal that affluent and wealthy American families "look to one another" for holiday joy as they watch holiday expenditures. The new normal? It's all about spending that's based on relationships.

  The latest Survey of Affluence and Wealth in America, produced by American Express Publishing and researchers Harrison Group, is a snapshot of families with a "household discretionary income" of $100,000 and above - with results broken into the super Affluent/Wealthy (250K+) and the Upper Middle Class/Affluent ($100K to $249)

  The overall takeaway for the holiday season: Optimism has risen, fear of not surviving the financial crisis has declined and household financial management has been reinvented.

  And what does it mean for travel?

The research shows that vacations have become a true family affair. As Dr. Jim Taylor, vice chairman of Harrison Group told LT360 in an interview, "While in the past, one family member decided on a trip, now the family talks about it and the trip is considered a gift. Other gift giving is reduced by the cost of the trip. Basically, these are discussions families were not having before and it is what has contributed to enhanced relationships and a more upbeat feeling. And it's why we're not going to back to where we were."

"Whether it's a trip or a Chanel bag," Taylor told us, "it won't be considered just largesse by a breadwinner, but a shared decision. This is how we are creating value out of this Recession."

  In fact, spending on travel as a gift is expected to increase; also, 32% of families are planning a special holiday trip. More, travel makes the list of Top 12 gifts for this year. Asked about a dream list of gifts, a cruise vacation was mentioned by 12%, up from 11% a year ago.

   More highlights from the Amex Publishing/Harrison Survey:

• The pool of eligible families is down by one million families since January because of the decline in income and worth.
• Overall spending on holiday gifts will be down as much 15% among the affluent and wealthy; 70% will spend the same as last year; 7% will spend more; and 21% will spend less (2% were unsure)
• Respondents expect to spend more time with family this year compared to last; time with friends will also increase.
• The big surprise is that the happiness level is up as people learn to deal in need rather than wants. "Gluttonomy has passed.
• "Optimism in "my own future" has increased 20% since the first quarter of the year; a majority feel "extremely optimistic" or "very optimistic" about their future.
• 8 in 10 believe that 2010 will be better than 2009.
• Guilt about buying luxury goods has decreased from 54% to 42% since late last year.
• There is a leadership hurdle in general. Business leaders don't even trust themselves to bring the economy back.