London Daily

Focus on the big picture.
Thursday, Dec 25, 2025

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

0:00
0:00
Close
UK Mortgage Rates Edge Lower as Bank of England Base Rate Cut Filters Through Lending Market
U.S. Supermarket Gives Customers Free Groceries for Christmas After Computer Glitch
Air India ‘Finds’ a Plane That Vanished 13 Years Ago
Caviar and Foie Gras? China Is Becoming a Luxury Food Powerhouse
Hong Kong Climbs to Second Globally in 2025 Tourism Rankings Behind Bangkok
From Sunniest Year on Record to Terror Plots and Sports Triumphs: The UK’s Defining Stories of 2025
Greta Thunberg Released on Bail After Arrest at London Pro-Palestinian Demonstration
Banksy Unveils New Winter Mural in London Amid Festive Season Excitement
UK Households Face Rising Financial Strain as Tax Increases Bite and Growth Loses Momentum
UK Government Approves Universal Studios Theme Park in Bedford Poised to Rival Disneyland Paris
UK Gambling Shares Slide as Traders Respond to Steep Tax Rises and Sector Uncertainty
Starmer and Trump Coordinate on Ukraine Peace Efforts in Latest Diplomatic Call
The Pilot Barricaded Himself in the Cockpit and Refused to Take Off: "We Are Not Leaving Until I Receive My Salary"
UK Fashion Label LK Bennett Pursues Accelerated Sale Amid Financial Struggles
U.S. Government Warns UK Over Free Speech in Pro-Life Campaigner Prosecution
Newly Released Files Shed Light on Jeffrey Epstein’s Extensive Links to the United Kingdom
Prince William and Prince George Volunteer Together at UK Homelessness Charity
UK Police Arrest Protesters Chanting ‘Globalise the Intifada’ as Authorities Recalibrate Free Speech Enforcement
Scambodia: The World Owes Thailand’s Military a Profound Debt of Gratitude
Women in Partial Nudity — and Bill Clinton in a Dress and Heels: The Images Revealed in the “Epstein Files”
US Envoy Witkoff to Convene Security Advisers from Ukraine, UK, France and Germany in Miami as Peace Efforts Intensify
UK Retailers Report Sharp Pre-Christmas Sales Decline and Weak Outlook, CBI Survey Shows
UK Government Rejects Use of Frozen Russian Assets to Fund Aid for Ukraine
UK Financial Conduct Authority Opens Formal Investigation into WH Smith After Accounting Errors
UK Issues Final Ultimatum to Roman Abramovich Over £2.5bn Chelsea Sale Funds for Ukraine
Rare Pink Fog Sweeps Across Parts of the UK as Met Office Warns of Poor Visibility
UK Police Pledge ‘More Assertive’ Enforcement to Tackle Antisemitism at Protests
UK Police Warn They Will Arrest Protesters Chanting ‘Globalise the Intifada’
Trump Files $10 Billion Defamation Lawsuit Against BBC as Broadcaster Pledges Legal Defence
UK Says U.S. Tech Deal Talks Still Active Despite Washington’s Suspension of Prosperity Pact
UK Mortgage Rules to Give Greater Flexibility to Borrowers With Irregular Incomes
UK Treasury Moves to Position Britain as Leading Global Hub for Crypto Firms
U.S. Freezes £31 Billion Tech Prosperity Deal With Britain Amid Trade Dispute
Prince Harry and Meghan’s Potential UK Return Gains New Momentum Amid Security Review and Royal Dialogue
Zelensky Opens High-Stakes Peace Talks in Berlin with Trump Envoy and European Leaders
Historical Reflections on Press Freedom Emerge Amid Debate Over Trump’s Media Policies
UK Boosts Protection for Jewish Communities After Sydney Hanukkah Attack
UK Government Declines to Comment After ICC Prosecutor Alleges Britain Threatened to Defund Court Over Israel Arrest Warrant
Apple Shutters All Retail Stores in the United Kingdom Under New National COVID-19 Lockdown
US–UK Technology Partnership Strains as Key Trade Disagreements Emerge
UK Police Confirm No Further Action Over Allegation That Andrew Asked Bodyguard to Investigate Virginia Giuffre
Giuffre Family Expresses Deep Disappointment as UK Police Decline New Inquiry Into Andrew Mountbatten-Windsor Claims
Transatlantic Trade Ambitions Hit a Snag as UK–US Deal Faces Emerging Challenges
Ex-ICC Prosecutor Alleges UK Threatened to Withdraw Funding Over Netanyahu Arrest Warrant Bid
UK Disciplinary Tribunal Clears Carter-Ruck Lawyer of Misconduct in OneCoin Case
‘Pink Ladies’ Emerge as Prominent Face of UK Anti-Immigration Protests
Nigel Farage Says Reform UK Has Become Britain’s Largest Party as Labour Membership Falls Sharply
Google DeepMind and UK Government Launch First Automated AI Lab to Accelerate Scientific Discovery
UK Economy Falters Ahead of Budget as Growth Contracts and Confidence Wanes
Australia Approves Increased Foreign Stake in Strategic Defence Shipbuilder
×