• Financial Times , Monday, August 11, 2008 10:30 AM

Eighty percent of 625 survey respondents who represent the wealthiest 10% of U.S. households say they are looking closely at every spending category to see where they can save -- up from 68% in April. The survey, carried out at the end of June by Harrison Group and American Express Publishing, focuses on households with discretionary income of at least $100,000.

The results show that "contrary to reports on wealthy families' inoculation against the effects of recession, many at the top of the wealth spectrum are cutting back as well," says the Harrison Group's Jim Taylor.

Fifty-six per cent of respondents said they were buying fewer big-ticket items now than they did six months ago, while 82% said they waited for something to go on sale before they bought it -- a 15-point increase since December 2007.

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