“Millionaires plan to cut their holiday spending due to inflation”
December 19, 2022
“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…”