Wealthy U.S. consumers will cut their holiday gift spending by 6% this year after a 2% increase in 2007, a survey co-sponsored by an American Express Co. unit indicates.
Affluent Americans, who are 10% of U.S. families, plan to spend $22 billion on holiday gifts this year, according to the survey released Thursday by American Express Publishing and the Waterbury, Conn., luxury research firm Harrison Group.
The September survey questioned 614 affluent individuals with a median income of $325,000. Jewelry and fashion accessories were among the categories in which those surveyed said they planned to reduce spending.
Affluent consumers will spend $1,346 to $4,135 per household on holiday gifts, according to the survey.