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UK’s richest finally ready to splurge on luxury: report

Irina Anghel / Bloomberg
Irina Anghel / Bloomberg • 3 min read
UK’s richest finally ready to splurge on luxury: report
“Higher-income people are starting to feel the impact of the drop in interest rates on their savings.” Photo: Bloomberg
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The UK’s richest are set to unleash their savings to splash on luxury goods, cars or tech, a report showed, in signs that lower interest rates are boosting demand.

Households with incomes of GBP50,000 ($86,580) and above are planning to increase their spending on big ticket items at the highest rate since the run-up to the festive shopping season in November, according to a Gfk survey conducted between Feb 28 and March 13.

Its gauge of major purchases intentions among the top earners reached 4 — up 3 points on the month and a dramatic improvement from the -22 recorded in the same period last year.

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