bargains

Another way the rich get richer: Shopping savvy

May 23, 2011 at 7:27 AM ET

Jason Reed / Reuters /
Warren Buffett, among the world's wealthiest people, is known for his modest spending habits, including the fact that he still owns the same Omaha, Neb., home he bought in 1958.

Apparently, Warren Buffett's thrifty billionaire ways extend to other high earners as well.

A new survey of online shopping habits finds that people with annual household incomes of $75,000 and above are more likely to bargain shop online than their lower-earning counterparts.

The study was conducted by Synovate eNation on behalf of Steelhouse, which helps companies with online marketing strategies.

The survey found that 37 percent of the high earners check out coupon sites, compared with 24 percent of those who make less than $25,000 a year.

Nearly one-third of the highest earners said they buy only when there's a discount, about the same amount who said they buy only when there's free shipping. By comparison, only about one-fourth of the lowest earners said they did those things.

In general, as household income went up, so did the percentage of respondents who said they use those bargain shopping tactics.

The wealthier respondents were also more likely to read product reviews and to buy premium brands, according to the survey.

Buffett, among the world's wealthiest people, is known for his modest spending habits, including the fact that he still owns the same Omaha, Neb., home he bought in 1958 (although he also has a house in Laguna Beach, Calif.).

The poll was based on an online survey of 1,000 adult U.S. shoppers, and had a margin of error of three percentage points.

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