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Are Henrys Not Rich Yet Because They’re Shopaholics?

In our continuing series on Henrys (High earners, not rich yet), we wanted to delve further into their spending habits.

We know from last month that many in this group of $100K+ earners are paying off sizeable student and auto loan balances, but do they also have a tendency to be big spenders?  Is that why these under 55 year-olds haven’t been able to amass investable assets of $1M yet?  Let’s take a look at their discretionary spending habits.

Did You Know: Are Henrys Not Rich Yet Because They’re Shopaholics?

Source: Financial Cohorts® and data provided by Gfk MRI

Online Shopping Habits

Henrys LOVE shopping online and the website they order from most frequently is Amazon.com®.

What do they like to purchase online?

  • Airline tickets
  • Books
  • Clothing/apparel
  • Cosmetics/toiletries
  • Flowers
  • Home furnishings
  • Hotel reservations
  • Pet supplies/products
  • Shoes/footwear
  • Tickets to concerts, shows, or other entertainment
  • Toys/games

 

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