Millionaires are planning to spend generously, but not extravagantly, this holiday season.
According to a new survey, most millionaires expect to spend between $1,000 and $2,500 on holiday gifts this year, with some multimillionaires planning to spend a whopping $25,000 or more.
But while those numbers may sound high — particularly to those who are shopping on a budget — don't expect them to provide a major boost to overall holiday sales growth.
The CNBC Millionaire Survey, which polled 750 people with $1 million or more in investible assets, found the vast majority (81 percent) of millionaires will spend the same amount this year as they did in 2014. By comparison, 10 percent said they would spend more, while 9 percent plan to spend less.
"Given the level of the markets this year and the overall positive state of the economy, one would have thought that spending would increase somewhat this year," said George Walper, president of Spectrem Group, which conducted the survey. "Once the economy stabilized a few years ago, it seems as if millionaires have a set targeted amount they would like to spend and hold to it."
The largest number of respondents, 33 percent, said they plan to spend between $1,000 and $2,499 on gifts this season. One in four plans to spend between $2,500 and $4,999, while 16 percent plan to spend $5,000 or more. That includes 5 percent who plan to spend $10,000 or more.
Among multimillionaires, or those worth $5 million or more, most plan to spend more than $2,500, with 11 percent planning to spend $10,000 or more.
Millionaires plan to spend the most on their families, particularly on their kids and grandkids. Fully 36 percent plan to spend the most on their children, while 22 percent said they'd shell out the most on their grandchildren.
Only 16 percent plan to spend the most on their spouse, while 3 percent plan to spend the most on themselves.
