How millionaires are spending their money this holiday season

How millionaires are spending their money this holiday season


Pedestrians view the vacation home windows on the Saks Fifth Avenue flagship division retailer in New York, on Thursday, Dec. 2, 2021.

Christopher Occhicone | Bloomberg | Getty Photographs

Regardless of provide chain disruptions and inflationary points, retail commerce teams and trade watchers are forecasting file ranges of gross sales this vacation season.

However a majority of the millionaires (68%) surveyed within the CNBC Millionaire Survey stated they may spend the identical this vacation season as final 12 months. Moreover, the most important share of millionaires stated they may spend lower than $2,500 this vacation season, considerably decrease than in 2019.

Listed here are a number of the methods millionaires say they are going to be spending their cash this vacation season.

Smaller sums

With regards to how a lot millionaires anticipate to spend this vacation season, the most important share (29%) stated they’d spend between $1,000 and $2,499, barely up from 28% final 12 months however down from 34% in 2019.

Smaller sums — between $0-$499 and $500-$999 — noticed slight decreases from 2020 however had been nonetheless increased than what was recorded in 2019. For instance, 26% of millionaires stated they’d spend between $0-$499 this 12 months, in comparison with 27% final 12 months and 19% in 2019.

The proportion of people that stated they had been planning on spending over $25,000 elevated one share level in comparison with final 12 months to 4%, which is up from 2% in 2019.

Extra from the CNBC Millionaire Survey

Throughout the board, 68% of millionaires stated they’d be spending the identical as final 12 months, whereas 12% stated they had been spending much less and 21% stated they had been spending extra.

Of the millionaires that stated they had been going to be spending way more this 12 months, no less than 10% or extra, 39% of these respondents had been millennials.

Provide chain points, inflation and spending

Inflation and provide chain points have snarled vacation purchasing, and millionaires say they’re additionally feeling that crunch.

Greater than 1 / 4 (28%) of millionaires stated they’d be giving extra present playing cards this 12 months and fewer tangible presents due to doable shortages and disruptions within the provide chain, whereas 33% stated they had been doing their vacation purchasing sooner due to that.

Seven p.c of millionaires stated they are going to be giving much less presents this 12 months resulting from inflation.

Twenty p.c stated they’d be rising their charitable contributions this 12 months, whereas 7% stated they’d be rising their spending and giving this 12 months after having issues final 12 months because of the pandemic.

Who the rich are spending on

Maybe unsurprisingly, the age of the millionaire drastically impacts who they plan to spend essentially the most on this vacation season.

For millennial millionaires, 32% stated they’d spend essentially the most on their kids, 26% stated they’d spend essentially the most on their partner, and 19% stated they’d spend essentially the most on themselves.

Compared, 27% of child boomer millionaires stated they’d spend essentially the most on their grandchildren, 24% on their kids, 24% on their partner and three% on themselves.



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