GO
Loading...

One Percent to Boost Holiday Spending by $600 Million

Garry Gay | Getty Images

There will be a lot more presents under the trees of One Percenters this Christmas.

A study from American Express Publishing and Harrison Group shows that holiday spending will grow 33.5 percent among the top one percent of earners this Christmas, to $3.4 billion. The average family in the top 10 percent of Americans will spend more than $1, 600 on gifts this season.

Fully 39 percent of women in the top one percent plan to splurge on gifts for their significant others.

The spending plans of One Percenters contrast with spending declines expected for the rest of America, which plans to spend 3.4 percent less this season, according to the study. (Read more: Ultra Wealthy Spend Less on Bling )

"Although we're predicting overall holiday gift spending to decline, the top of the market will increase substantially, " said Cara David, senior vice president at American Express Publishing.

What do people plan to give this year? Mainly gift cards.

The survey found that 34 percent of women want gift cards to a specific retailer and 25 percent want gift cards to a restaurant. Fully 19 percent want spa treatments. As for men, 23 percent want books, 17 percent want fine wines and 18 percent want gift cards.

But there is a gap between what women want and what they'll get. Only 11 percent will get gift cards to a retailer and 6 percent will get gift cards to a restaurant. As for men, only 4 percent will get fine wines. (Read more: Luxury Brands Court Wealthy Chinese Women )

"Men want booze this Christmas, but sorry guys, you're not going to get it, " said Jim Taylor of Harrison Group.


-By CNBC's Robert Frank
Follow Robert Frank on Twitter:
@robtfrank

Featured