America's millionaires are tightening their belts this holiday season, but most may not even know they're doing it. That's the mixed message of the latest CNBC Millionaire Survey, which polled 750 Americans with investable assets of $1 million or more, excluding real estate.
Nineteen percent of those surveyed said they would spend $500 or less this holiday season, up from 9 percent in 2015. Those spending $500–$1,000 rose from 18 percent to 25 percent, while the number spending $1,000 or more declined from 73 percent in 2015, to 55 percent this year. Spectrem Group conducted the survey for CNBC shortly after the U.S. presidential election in November.