Wealthy Americans spending less -LEARN FROM THEM
Wealthy Americans spending less -LEARN FROM THEM
US millionaires are slashing their holiday spending as a result of soaring inflation, which they see as a major risk to the economy and their personal wealth, a CNBC survey has found.
According to the outlet, 80% of millionaire respondents — those with investible assets of $1 million or more — said they plan to spend less this holiday season due to inflation. Millennial millionaires are the most likely to cut back, with 100% saying they plan to spend less, compared with 78% of baby boomers.
When asked about how they’re responding to inflation, a majority of millionaires (52%) explained they are “more price conscious” when shopping and a third said they are dining out at restaurants less often.
“They’re becoming more cautious about how they’re spending their money,” said George Walper, president of Spectrem Group, which conducted the Millionaire Survey with CNBC.
Inflation in the United States hit 40-year highs this summer pushed up by soaring prices. Official data shows the rate has slowed down since then, with the consumer price index settling at 7.1% in November, down from a 7.7% gain in the previous month.
MOre at RT NEWS >>
