A new CNBC survey has found that soaring inflation drove US millionaires to cut their holiday spending, as they voiced fears over the threat rising prices posed to the economy, and their own personal wealth.

According to CNBC, of the millionaires who responded to its survey, those with investible assets of $1 million or more, 80% said this holiday season they would spend less due to inflation. Among millionaires, millennials were most likely to restrict their spending, with 100% declaring they would cut back, as opposed to baby boomers, of which only 78% said they would cut back.

Asked about their own personal responses to inflation, 52% of millionaires said they were now “more price conscious” when making purchases, and one third said they were cutting back on dining out at restaurants.

George Walper, President of Spectrem Group, which conducted the Millionaire Survey for CNBC said, “They’re becoming more cautious about how they’re spending their money.”

In the United States, inflation hit 40 year highs earlier this summer, driven by soaring fuel costs. Since then the data shows the rate of price increases has slowed, with the consumer price index coming in at 7.1% in November, compared with 7.7% over the previous month.

Although the survey showed inflation is impacting the spending patterns of millionaires, they are still split with respect to making changes in their investment portfolios. In the survey, 29% reported already making changes to their portfolios, while 11% reported they are just planning to do so. 30% said they “might or might not” make changes, and 31% said they had no plans to make any changes.

Walper noted that millionaire investors understand keenly the impact of higher inflation rates in their investments, and the need to adjust their portfolios in response to it, but many are uncertain of how exactly to do so.

He added, “They’re not sure where they should make changes. People don’t want to try to market time.”

The CNBC Millionaire Survey polled 761 people online in November.