America’s wealthy are starting to feel the effects of the sagging economy, according to a new survey, MediaWeek reports. During a survey conducted Sept. 19-23 among 614 consumers with an annual income of at least $100,000, 83% said they were waiting for items to go on sale before buying. Twenty percent said they’ll be cutting back this Christmas on gifts and instead giving to charities. Sixty percent said they feel the country is already in a recession. “What makes the survey a source of concern in that this top 10% represents over 50% of all retail spending,” said Jim Taylor, vice chairman of the researcher Harrison Group, in a statement.
—Christopher Perez