London Daily

Focus on the big picture.
Thursday, Jul 10, 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
Severe Heatwave Claims 2,300 Lives Across Europe
NVIDIA Achieves Historic Milestone as First Company Valued at $4 Trillion
Declining Beer Consumption Signals Cultural Shift in Germany
Linda Yaccarino Steps Down as CEO of X After Two Years
US Imposes New Tariffs on Brazilian Exports Amid Political Tensions
Azerbaijan and Armenia are on the brink of a historic peace deal.
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Weinstein Victim’s Lawyer Says MeToo Movement Still Strong
U.S. Enacts Sweeping Tax and Spending Legislation Amid Trade Policy Shifts
Football Mourns as Diogo Jota and Brother André Silva Laid to Rest in Portugal
Labour Expected to Withdraw Support for Special Needs Funding Model
Leaked Audio Reveals Tory Aide Defending DEI Record
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
London Stock Exchange Faces Historic Low in Initial Public Offerings
A new online platform has emerged in the United Kingdom, specifically targeting Muslim men seeking virgin brides
Trump Celebrates Independence Day with B-2 Flyover and Signs Controversial Legislation
Boris Johnson Urges Conservatives to Ignore Farage
SNP Ordered to Update Single-Sex Space Guidance Within Days
Starmer Set to Reject Calls for Wealth Taxes
Stolen Century-Old Rolls-Royce Recovered After Hotel Theft
Macron Presses Starmer to Recognise Palestinian State
Labour Delayed Palestine Action Ban Over Riot Concerns
Swinney’s Tax Comments ‘Offensive to Scots’, Say Tories
High Street Retailers to Enforce Bans on Serial Shoplifters
Music Banned by Henry VIII to Be Performed After 500 Years
Steve Coogan Says Working Class Is Being ‘Ethnically Cleansed’
Home Office Admits Uncertainty Over Visa Overstayer Numbers
JD Vance Questions Mandelson Over Reform Party’s Rising Popularity
Macron to Receive Windsor Carriage Ride in Royal Gesture
Labour Accused of ‘Hammering’ Scots During First Year in Power
BBC Head of Music Stood Down Amid Bob Vylan Controversy
Corbyn Eyes Hard-Left Challenge to Starmer’s Leadership
London Tube Trains Suspended After Major Fire Erupts Nearby
Richard Kemp: I Felt Safer in Israel Under Attack Than in the UK
Cyclist Says Police Cited Human Rights Act for Riding No-Handed
China’s Central Bank Consults European Peers on Low-Rate Strategies
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Musk Battles to Protect Tesla Amid Trump Policy Threats
Air France-KLM Acquires Majority Stake in Scandinavian Airlines
UK Educators Sound Alarm on Declining Child Literacy
Shein Fined €40 Million in France Over Misleading Discounts
Brazil’s Lula Visits Kirchner During Argentina House Arrest
Trump Scores Legislative Win as House Passes Tax Reform Bill
Keir Starmer Faces Criticism After Rocky First Year in Power
DJI Launches Heavy-Duty Coaxial Quadcopter with 80 kg Lift Capacity
U.S. Senate Approves Major Legislation Dubbed the 'Big Beautiful Bill'
Largest Healthcare Fraud Takedown in U.S. History Announced by DOJ
×