Who among affluent investors is planning to spend the most on holiday gifts this year? Who’s likely to have the longest shopping list? Find out more.
Santa Claus may look a little bit different this year – sporting a business suit instead of his traditional red one – according to the latest Millionaire Corner research showing that America’s CEOs are likely to give bigger and more numerous gifts this holiday season than affluent investors from other walks of life.
Who’s likely to get a gift from an executive? If you’re married to a CEO you have a better than average chance of receiving a gift from your spouse. More than 83 percent of CEOs plan to give holiday gifts to their husbands and wives, compared to 66 percent of the more than 1,200 investors surveyed by Millionaire Corner in September. Children of CEOs are also more likely to get a gift from their parents, according to our research. Nearly 80 percent of executives plan to buy a holiday gift for their children, compared to 72 percent of all investors.
Move over Scrooge. Executives also plan to spend larger sums on holiday gifts than investors from other occupations. Two-in-five plan to spend $1,000 up to $2,000 on gifts, and one-in-five has budgeted $2,000 and more for gifts. Nearly 30 percent plans to spend between $500 and $1,000, with 11 percent planning to spend less than $500.
The giving spirit extends to charitable giving, as well. Eighty-percent of CEOs say they plan to give to charity over the December holidays, compared to 73 percent of investors as a whole. The largest share of CEO investors (48 percent) plans to give between $100 up to $500, but 40 percent plans to give $1,000 or more.
Executives are also more likely than investors from other occupations to give gifts to siblings, extended family, friends, coworkers, the mailman and other service providers, and even their pets. That’s right Fido is more likely to receive a holiday gift if his master is a CEO. More than 20 percent of executives are planning holiday purchases for their furry friends, compared to 15 percent of total investors.