Here are some of the ways millionaires say they will be spending their money this holiday season.
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.Inflation and supply chain issues have snarled holiday shopping, and millionaires say they are also feeling that crunch. More than a quarter 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.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.
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.
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