A majority of American millionaires say they plan to spend less this summer than in years past, according to the Q2 CNBC Millionaire Survey. Real estate, new cars and vacations are the expenses they are most likely to put on hold.
A majority of American millionaires say they plan to spend less this summer than in years past, according to the Q2 CNBC Millionaire Survey, which polls 750 people with investible assets of $1 million or more.
A car dealer wearing a protective mask walks through the showroom at a Ford Motor Co. car dealership in North Brunswick, New Jersey, U.S, on Wednesday, May 20, 2020.Wealthy consumers plan to pull back on their spending, despite seeing little impact from the pandemic on their incomes and balance sheets, according to a new survey.
More than 1 in 4 millionaires plan to postpone a real-estate purchase due to the coronavirus, according to the survey. Fully 15% plan to postpone the purchase of a car, and 10% plan to postpone a vacation."The wealthy are still feeling cautious," said George Walper, president of Sepctrem Group, which conducts the survey with CNBC. "They learned from the last crisis that maybe they need more of a cushion than they thought.
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