Rich in US: We'll Spend Less If Obama Wins
By Robert Frank | CNBC
Call it a threat or a promise. But a new poll shows that people earning at least $250,000 a year will spend more money if Mitt Romney wins the election.
Barack Obama and Mitt Romney
The latest Mendelsohn Affluent Barometer showed that 43 percent of the $250,000-plus earners would spend more if Romney is elected. Only 18 percent of them would spend more if President Barack Obama is re-elected.
Just 39 percent said the election will have no impact on their spending.
The election may also affect affluent Americans' savings and investing. The poll showed that 37 percent would invest or save more with a Romney win, compared to 14 percent for an Obama win. Fully 49 percent said the election would have no impact on their savings or investment.
One reason for their reduced spending plans? Taxes. Not surprisingly, 55 percent of the high earners expect their taxes to go up if Obama wins. Only 24 percent expect a tax increase with a Romney win. And 22 percent said the election will have no impact on their taxes.
What are these affluents spending their money on?
Vacations and personal travel ranks first, with 28 percent more interested in travel over the next six months. The category of "clothing, apparel and accessories" ranked second, followed by computers and electronics.
Generally speaking, the affluent are becoming slightly more optimistic about the economy. The poll found that 43 percent are optimistic about the U.S. economy, while 50 percent are optimistic about their personal prospects.
More than half said it was a good time to invest in real estate, while 40 percent said it was a good time to invest in stocks.
All of those numbers, however, might hinge on the election in November.
