This group is spending less this holiday — or are they?

The wealthiest segment of the U.S. population is cutting back a little this holiday season.



The number of consumers with investable assets of $1 million or more (excluding real estate) spending $1,000 or more declined from 73% in 2015, to 55% this year, reported CNBC.com. The report noted that upscale department stores Neiman Marcus, Nordstrom, Saks, are all struggling, along with such luxury brands as Burberry and LVMH.



Retail analyst Hana Ben-Shabat, of A.T. Kearney, believes the real story is that millionaires are spending less money on physical gifts and more on experiences.



"What's actually happening is more of the money is going to experiences, and it's a trend that's growing and growing,” said retail analyst Hana Ben-Shabat of A.T. Kearney in a CNBC.com report. “And they probably aren't thinking of experiences when they tell you how much they'll be spending on gifts for the holidays.”



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