Millionaires are far more likely to avoid Black Friday that the middle- to upper-middle class. By contrast, nearly a third of those with $100,000 or more in investible assets plan to go shopping on Friday. (Read more: One Percent to Boost Holiday Spending by $600 Million)
George Walper, president of Spectrem, said that millionaire consumers are less willing to battle the crowds for the deals involved.
"This group is more oriented toward quality and value rather than price," he said. "It's not like cars or houses are on really on sale on Black Friday."
Of course, that doesn't mean they won't be shopping online. Yet millionaire consumers are more cautious about any kind of spending this holiday season. According to the study, 76 percent of millionaires plan to spend the same on gifts as last year. Only 14 percent plan to spend more, and 10 percent plan to spend less.
Walper says that the sentiment among millionaires has started to turn down after the election, with worries about the fiscal cliff and higher taxes.
"They're pausing," he said. "They still don't have the confidence to go out and spend and drive the economy. These folks are very cautious right now."
-By CNBC's Robert Frank
Follow Robert Frank on Twitter: @robtfrank