![]() ![]() The survey is conducted twice a year, in the spring and in the fall. A total of 761 respondents, representing financial decision-makers in their households, qualified for the survey. The CNBC Millionaire Survey was conducted online in November. More than 80% of Democratic millionaires said they are "confident" or "very confident" in the central bank, while 56% of Republican millionaires said they are "not at all confident." "Millennials just haven't experienced this kind of inflation or these levels of interest rates before," he said.ĭemocrats are also more assured by the Fed. The disparity, Walper said, may be due to baby boomers' recollection of the 1970s, when the Federal Reserve struggled for years to bring runaway inflation under control. Yet belief in the Fed varies widely by age and political party: A majority of millennial millionaires (55%) are "very confident" in the Fed, compared with only 5% of baby boomers. Only 37% said they are "not at all confident." Most respondents (58%) said they are confident or "very confident" in the Fed's ability to manage the increasing rate of inflation. Still, millionaires generally have faith in the Federal Reserve's ability to bring down inflation. When asked how long they expect the current rate of inflation, about 7% year over year, to continue, most respondents said at least a year, with 12% saying between two and five years. Millionaires also expect inflation to remain high well into 2023. "People don't want to try to market time." "They're not sure where they should make changes," he said. Walper said that while millionaire investors are keenly aware of the impact of higher rates on their investments and the need to shift their portfolios, they're uncertain about what exact actions to take. ![]() Nearly a third (30%) said they "might or might not" make changes, and 31% said they are not planning any changes. When asked about making changes to their portfolio due to inflation, 29% reported they have made changes, while another 11% said they are planning to make changes. While inflation has impacted their spending, millionaires are split when it comes to inflation-driven changes in their investment portfolio. ![]() Retailers that cater to a wealthier clientele - like Lululemon and RH - have also recently lowered their guidance or sales expectations, providing early hints of weakness at the top. 31 came from shoppers with incomes of more than $100,000, suggesting even affluent shoppers are looking for the lowest prices. Walmart Chief Financial Officer John David Rainey said in November that nearly three-quarters of the company's gain in grocery market share during the quarter ended Oct. "They're becoming more cautious about how they're spending their money," said George Walper, president of Spectrem Group, which conducts the Millionaire Survey with CNBC. When asked about how they're responding to inflation, a majority of millionaires (52%) said they are "more price conscious" when shopping and a third said they are dining out at restaurants less often. Personal Loans for 670 Credit Score or Lower This list will include a variety of products from multiple manufacturers and will give you the inside scoop that you need to find a planner that works the best for your needs. Personal Loans for 580 Credit Score or Lower Thankfully, we did the hard work for you and researched to find the 10 best budgeting planners on the market today. Best Debt Consolidation Loans for Bad Credit ![]()
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