AMERICAN LUXURY

Wanganui Chronicle, Volume LXXXIII, Issue 19829, 2 May 1927, Page 11

AMERICAN LUXURY

PARK AVENUE, NEW YORK THE MILLIONAIRE REGION HEAVY SPENDING A recent statistical report on the spending habits of 4,000 families residing on a single avenue in New York City, the most fashionable of the American metropolis, reveals figures compared to which the extravagence of Versailles was frugality. The 16,000 men, women, and children, who comprise the 4,000 families spend approximately 300,000,000 dollars (£60,000,000) a year on their every day wants. Park Avenue —as the street is called—leads the world in concentrated private buying power. The average income of a dweller on this avenue is 75,000 dollars (£15,000) a year. The man who earns only 50,000 dollars (£10,000) a year is considered a poor man if he lives on Park Avenue. Residents of Ptark Avenue spend 26,922 dollars (£5,384) a day on yachts, 11,538 dollars (£2,307) a day on flowers. The bills for clothing amount to 192,3000 dollars daily, or 50,000,000 dollars (£10,000,000) a year—the largest single item of expenditure. At •a conservative estimate, 5,000,000 dollars (£1,000,000) a year is spent on theatres, amusements, and cabarets. A man with a debutante daughter has, it is saiid, to add 25,000 dollars (£5,000) yearly to his expenses for her alone. The liquor bill is estimated at 15,000,000 dolars (£3,000,000) annually. This is quoted as a conservative figure, based on the assumption that only 6.000 of the 8,000 men are bootlegger patrons, and leaves out entirely women as buyers of wines and liquors. Where the Money Goes Most of the residents of the avenue see the theatrical “hits” of the season four or five times. Social obligations compel them to accept all the invitations which, the hostesses in their I circle give, and as most of them choose I the year’s successes repetitions are ini evitable. j The following figures are based on data gatherod' from shops, where Park Avenue families trade, from income tax lists, bills, and questionnaires. They are on the whole conservative estimates—2s to 50 per cent, below the actual ones:—■ ' Women's wear, 50,000,000 (dollars (£10.000.000) a year. Charity, 5,000,000 dollars (£1,000,000) a year. Amusements, 5,000,000 dollars £l,000,000) a year. Art 15,000,000 dollars (£3,;000,000) a year. I Automobiles, 10,000,000 dollars (£2,000,000) a year. Furs, 16,000,000 dollars (£3,100,000) a year. Foodstuffs, 20,000,000 dollars (£4,000,000) a year. Hardware, 2,000,000 dollars (£400,000) a year. Beauty shops, 4,000,000 dollars (£800,000) a year. Laundries, 3,500,000 dollars (£700,-] 000) a year. Music, 2,500,000 dollars, ((£500,000) a year. Rentals, 18,000,000 dollars (£3,600,000) a year. Restaurants, 10,000,000 dollars (£2,000.000) a year. Travelling, 15,000,000 dollars (£3-000-000) a year. Millinery, 7,000,000 dollars (£1,400,000) a year. Yachts, 7,000,000 dollars (£1,400,000) a year.