Wealthy individuals are turning to real estate instead of other passion assets with a new confidence in the economy, a January survey of Wall Street Journal and Barron’s readers found.

The WSJ Intelligence Consumer Confidence and Economic Monitor Study, which surveyed 776 readers inJanuary, found that interest in residential and investment properties had risen during the last quarter of 2024, particularly among the ultra wealthy, while demand for other alternative categories, such as art, jewelry and watches, had dropped.

Overall, investors were more confident about the economy, with 47% believing it will get better in the next 12 months, just about double the 24% that felt that way in September. That was largely due to their expectations of the new administration, with more than 60% expecting President Donald Trump’s tax and regulation policies to boost the economy in the next six months, and 43% expecting his trade policies to do so.

The sectors with the biggest confidence boost were energy, tech, crypto, finance and defense. More than 70% of respondents felt very positive or somewhat positive about how those industries would perform in the next year under Trump.

For passion assets, it was more of a mixed bag. In terms of property, 26% expressed interest in secondary and vacation properties, a 3-point bump since September, while 24% were interested in rental properties, an increase of 1 percentage point. For ultra-high-net-worth individuals, or those with assets valued at $5 million and higher, the picture was a little different. Of 136 respondents in that category, 43% were interested in secondary or vacation homes, an 8 point increase, while interest in rental properties remained flat at 36%.

All other passion assets, except wine, saw a drop-off in interest since September. For all respondents, jewelry saw the biggest slide, with a 5-point decline to 19%, while art, watches and cars each saw a 1 or 2 point decrease, while interest in wine remained flat. Demand from ultra-high-net-worth individuals dropped less and actually increased for wine and collectible cars.