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How millionaires spend their money during the holiday season

Pedestrians view holiday windows at Saks Fifth Avenue’s flagship department store in New York on Thursday, December 2, 2021.

Christopher Okchikon | Bloomberg | Getty Images

Despite supply chain disruptions and inflation concerns, retail groups and industry experts are forecasting record sales this holiday season.

But the majority of millionaires (68%) polled by the CNBC Millionaire Survey said they would spend the same amount this holiday season as they did last year. In addition, the largest percentage of millionaires said they would spend less than $ 2,500 this holiday season, significantly less than in 2019.

Here are some of the ways millionaires say they will be spending their money this holiday season.

Smaller amounts

When it comes to how much millionaires are going to spend this holiday season, the largest percentage (29%) said they would spend between $ 1,000 and $ 2,499, which is slightly more than 28% last year but less than 34% in 2019. …

Smaller amounts – from $ 0 to $ 499 to $ 500- $ 999 – were down slightly compared to 2020, but were still higher than in 2019. For example, 26% of millionaires said they would spend between $ 0 and $ 499 this year, up from 27% last year and 19% in 2019.

The percentage of people who said they planned to spend more than $ 25,000 increased by one percentage point from last year to 4%, up 2% from 2019.

More from CNBC Millionaire Poll

Overall, 68% of millionaires said they would spend the same amount as last year, 12% said they spend less, and 21% said they spend more.

Of the millionaires who said they were going to spend a lot more this year, at least 10% or more, 39% of the respondents were millennials.

Supply chain problems, inflation and costs

Inflation and supply chain problems have led to a sharp increase in holiday shopping, and millionaires say they are feeling the crisis too.

More than a quarter (28%) of millionaires said they would be giving more gift cards and fewer tangible gifts this year due to potential shortages and supply chain disruptions, while 33% said they were making their own holiday shopping before.

Seven percent of millionaires said they would give fewer gifts this year due to inflation.

Twenty percent said they will increase their charitable contributions this year, and 7% said they will increase their spending and donations this year after having problems with the pandemic last year.

Who the rich spend on

Perhaps unsurprisingly, a millionaire’s age has a huge impact on who they plan to spend the most on this holiday season.

Among millennial millionaires, 32% said they would spend the most on their children, 26% said they would spend the most on their spouse, and 19% said they would spend the most on themselves.

By comparison, 27% of millionaire baby boomers said they would spend the most on grandchildren, 24% on children, 24% on a spouse, and 3% on themselves.


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