Some reports are citing that extravagant spending is beginning to register a comeback on Wall Street, indicating some extent of a return in market confidence.
It’s no secret that retailers and investors are looking toward the wealthy to contribute their fair share to the economy this year as holiday sales sweep the nation. Upscale shopping, luxury real estate, private jets—it’s all going to make a difference.
During this year’s third quarter, some of Manhattan’s high-end apartments saw their previous $3.9 million median sales price increase 6.7 percent from April through June. In addition, sales of 25-hour blocks of air time on private carriers, starting at $97,000, in the New York area have dramatically increased in the past month, according to Flight Options who are responsible for selling those blocks of time.
Those who know the luxury market best are noticing this “fairly substantial uptick” in the recent demand for high-end purchases coinciding with some Wall Street workers anticipating a return of substantial end-of-year bonuses.
Via: Wealth Bulletin