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