Lottery millionaires splurge on caravans
One in 10 British Lottery millionaires splash out on a new caravan among other luxury items, a new report revealsWhat would you do if you won a few million bucks in the lottery? Buy a new car, a new house, or perhaps a new caravan...
It seems all those things are high on the list of those who receive unexpected windfalls, judging by a UK report on the spending habits of people who have won at least a million pounds, or around $1.55 million, in The National Lottery.
Oxford Economics has collected data on the 3000 UK Lottery millionaires since 1994, and the figures make interesting reading.
Over the past 18 years, 10% of the lucky winners have purchased a new caravan, generating caravan sales in the UK of around £7.4 million ($11.48 million). That’s the equivalent of about $38,000 per caravan, given that 300 caravans were bought in total.
Not surprisingly, most chose to drop a bigger sum on cars (and perhaps tow vehicles). They spent £463 million ($718m) in total on purchasing 17,190 new cars, which equates to an average of five and three quarter cars per millionaire.
The average price of a winners’ favourite car bought since striking it rich was £46,116 ($71,613), and the most popular brands were Audi, Range Rover, BMW, Mercedes-Benz and Land Rover, in that order.
However, the vast chunk of the average £2.8 million ($3.38m) winnings collected was spent on more stable investments like property or businesses. The winners also gave away £1.37 billion ($2.13 billion), or around eight per cent of their loot, to friends and family as gifts.
Holiday-wise, the favourite overseas country to visit was the USA; with more than two thirds staying in five star hotels, of course.
Another surprising revelation was that only 59% gave up work, while 82% changed their main residence; spending an average £900,000 ($1.4m) on their new abode. Almost a third of the new homes had a hot tub, and 30% employed a cleaner.
What would you spend a windfall on? Splash out on a dream ’van like an off-road Bushtracker (pictured), go on a lavish overseas holiday, or just pay off the mortgage... Let us know in the comments section below.
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