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Economy

“Millionaires plan to cut their holiday spending due to inflation”

“American millionaires are trimming their holiday spending and becoming more budget-conscious as a result of inflation, a sign that spending cuts are now rising up the wealth ladder, according to a CNBC survey.

The CNBC Millionaire Survey found 80% of millionaire respondents — those with investible assets of $1 million or more — say they plan to spend less this holiday season due to inflation. Millennial millionaires are the most likely to cut back, with 100% saying they plan to spend less, compared to 78% of baby boomers.

When asked about how they’re responding to inflation, a majority of millionaires (52%) said they are “more price conscious” when shopping and a third said they are dining out at restaurants less often…”

https://www.cnbc.com/2022/12/19/millionaires-plan-to-cut-their-holiday-spending-due-to-inflation-.html

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