PanamaTimes

Thursday, Mar 28, 2024

How wealthy Americans are spending their money this holiday season

How wealthy Americans are spending their money this holiday season

Amid supply chain issues and inflation, the 2021 holiday spending of millionaires isn't shifting much compared to last year.

Despite supply chain disruptions and inflationary issues, retail trade groups and industry watchers are forecasting record levels of sales this holiday season.

But a majority of the millionaires (68%) surveyed in the CNBC Millionaire Survey said they will spend the same this holiday season as last year. Furthermore, the largest percentage of millionaires said they will spend less than $2,500 this holiday season, significantly lower than in 2019.

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

Smaller sums


When it comes to how much millionaires expect to spend this holiday season, the largest percentage (29%) said they would spend between $1,000 and $2,499, slightly up from 28% last year but down from 34% in 2019.

Smaller sums — between $0-$499 and $500-$999 — saw slight decreases from 2020 but were still higher than what was recorded in 2019. For example, 26% of millionaires said they'd spend between $0-$499 this year, compared to 27% last year and 19% in 2019.

The percentage of people who said they were planning on spending over $25,000 increased one percentage point compared to last year to 4%, which is up from 2% in 2019.

Across the board, 68% of millionaires said they would be spending the same as last year, while 12% said they were spending less and 21% said they were spending more.

Of the millionaires that said they were going to be spending much more this year, at least 10% or more, 39% of those respondents were millennials.

Supply chain issues, inflation and spending


Inflation and supply chain issues have snarled holiday shopping, and millionaires say they are also feeling that crunch.

More than a quarter (28%) of millionaires said they would be giving more gift cards this year and less tangible gifts because of possible shortages and disruptions in the supply chain, while 33% said they were doing their holiday shopping sooner because of that.

Seven percent of millionaires said they will be giving less gifts this year due to inflation.

Twenty percent said they would be increasing their charitable contributions this year, while 7% said they would be increasing their spending and giving this year after having problems last year due to the pandemic.

Who the wealthy are spending on


Perhaps unsurprisingly, the age of the millionaire drastically impacts who they plan to spend the most on this holiday season.

For millennial millionaires, 32% said they'd spend the most on their children, 26% said they'd spend the most on their spouse, and 19% said they'd spend the most on themselves.

In comparison, 27% of baby boomer millionaires said they'd spend the most on their grandchildren, 24% on their children, 24% on their spouse and 3% on themselves.

Newsletter

Related Articles

PanamaTimes
0:00
0:00
Close
Apple warns against drying iPhones with rice
In a recent High Court hearing, the U.S. argued that Julian Assange endangered lives by releasing classified information.
Global Law Enforcement Dismantles Lockbit Ransomware Operation
Russian opposition leader Alexey Navalny has died at the Arctic prison colony
The President of Argentina Javier Mile does not fly private, he flies commercial, with the citizens he represents. And they LOVE him for it.
Bitcoin Reaches $50,000 for First Time in Over Two Years
Belo Horizonte: Brazil's Rising Carnival Hotspot for 2024
In El Salvador, the 'Trump of Latin America' stuns the world with a speech slamming woke policing after winning a landslide election
Tucker’s interview with Putin is over 50M views on X within the first 5 hours.
Finnish Airline, Finnair, is voluntarily weighing passengers to better estimate flight cargo weight
President Nayib Bukele has proudly announced El Salvador's remarkable achievement of becoming the safest nation in the Western Hemisphere.
Former Chilean President Sebastian Piñera Dies in Helicopter Crash
This farmer seems to understand science a bit more than the event organizer, Klaus Schwab.
Facebook turns 20: From Mark Zuckerberg's dormitory to a $1trn company
The Coolest Dictator in the World" on the Path to Victory in El Salvador
Macron, France and fake news
Indian-Origin Man 'King' Arrested For Smuggling $16 Million Drugs Into US
Can someone teach Americans that not every person with slanted eyes is Chinese?
Europe's Farmers Feeding the People, Protesting Against Politicians Who Do Nothing for Their Country and Serve Only Themselves at Taxpayers' Expense
Paris Restaurant That Inspired 'Ratatouille' Loses $1.6 Million Worth Of Wine
Brazilian Police Investigate Bolsonaro's Son for Alleged Illegal Spying
Police in Brazil Raid Residence of Bolsonaro Associate Over Allegations of Illegal Spying
Border Dispute Escalates as Texas Governor Vows Increased Razor Wire
OpenAI Enhances ChatGPT-4 Model, Potentially Addressing AI "Laziness" Issue
The NSA finally acknowledges spying on Americans by acquiring sensitive data
Report Reveals Toxic Telegram Group Generating X-Rated AI-Generated Fake Images of Taylor Swift
US Border Patrol States 'No Plans' to Remove Razor Wire Installed in Texas
Bitcoin Experiences Approximately 20% Decline in Value
Klaus Schwab recently appointed himself as the Earth's "trustee of the future."
DeSantis Drops Out, Endorses Trump.
Nikki Haley said former President Trump is "just not at the same level" of mental fitness as he was while president in 2016.
Residents of a southern Mexican town set the government palace on fire in response to the police killing of a young man
Samsung Launches AI-Driven Galaxy S24, Ushering in New Smartphone Era
Judge Questions SEC's Regulatory Overreach in Coinbase Lawsuit
The Ecuador prosecutor who was investigating the television studio attack, has been assassinated.
Is artificial intelligence the solution to cyber security threats?
Vivek Ramaswamy suspends his US election campaign and endorses Trump.
Viral Satire: A Staged Satirical Clip Mistaken as Real Footage from the 2024 World Economic Forum in Davos
The AI Revolution in the Workforce: CEOs at Davos Predict Major Job Cuts in 2024
Ecuador Reports 178 Hostages in Prison Gang Standoff
The Startling Cuban Espionage Case That Has Rattled the US Government
Two Armed Men in Ecuador, Dressed as Batman and The Joker Storm the Streets.
Armed Gang Raids Ecuadorian TV Station Following State of Emergency Declaration
Anti-Democratic Canada: Journalist Arrested for Questioning Canadian Finance Minister on Support of Terrorist Group
Ecuador's 'Most-Wanted' Criminal Vanishes from Prison
Mexican Cartel Supplied Wi-Fi to Locals Under Threat of Fatal Consequences for Non-Compliance
Border Surge Leads to Over 11,000 Migrants Waiting in Northern Mexico
Outsider Candidates Triumph in Latin American Elections
As Argentina Goes to the Polls, Will the Proposal to Replace the Peso with the Dollar Secure Votes?
Fatal Shark Attack Claims Life of Boston Woman Paddleboarding Near Bahamas Resort, According to Police
×