Britain's high earners are indulging in a passion for second hand shopping and not simply embracing the 'bling bling' culture favoured by the likes of the Beckhams and Liz Hurley, research from Lloyds TSB Premier Banking has revealed.
Many affluent Brits can be found rummaging at car boot sales and bric-a-brac shops as well as delving into the classifieds.
The Premier People report, which examines the priorities, concerns and lifestyles of British high earners, shows that despite their wealth, over a quarter (26%) are happy to scour car boot sales in pursuit of a good deal. Nearly a quarter would snap up bargains from a bric-a-brac shop and a third can be found with their noses buried in the classified ads.
More than three quarters of high earners say they would buy used cars, 13% would buy other people's furniture, non-antique, and one in 10 follow in the footsteps of fashionistas such as Kate Moss and hit the second hand shops when planning their next outfit.
Mark Cheshire, managing director of Lloyds TSB Premier Banking, says: “Far from subscribing to the bling, bling culture, today's high earners are resourceful rummagers who are not necessarily obsessed with the latest must-haves. Despite often leading hectic lives, taking the time to buy and sell second hand still provides much needed retail therapy for the affluent.”
Young high earners are more likely to shun materialism than the older generations. Some 84% of the under-34s said they would buy a second hand car compared to just 71% of those aged 55-plus. A quarter of the younger generation would buy second hand CDs and a fifth would buy pre-owned electrical equipment compared to just 8% or 6% respectively of those aged 55 or above.
Higher earners are also reluctant to squander their own surplus possessions, preferring instead to gift them to charity shops, hoard them or hand them down to family or friends. Some high earners even devote time to turning their leftovers into lolly, selling them on Internet sites such as ebay, through the classified ads and at car boot sales.