That sentiment would be in line with indications that poorer consumers are tightening their belts this year, often by choosing cheaper, more practical gift ideas.
Overall, experts expect holiday retail sales to go up 2.8 percent, about half of last year's increase, according to the the National Retail Federation. Though millions of shoppers rushed to stores on Black Friday providing a strong start to the season, a recent poll found that a full third of consumers have already finished their holiday shopping.
But that's not stopping America's luxury retailers from pushing some truly extravagant gift ideas.
For those with few spending limits, there's quite literally a boat load of potential gifts to choose from. Luxury department store Neiman Marcus has already sold out its run of ten limited edition Ferrari FF's sports cars worth $395,000 a piece and featured in its annual "fantasy gifts" Christmas book.
Likewise, the Robb Report, a luxury and lifestyle magazine for the ultra wealthy, recently released its annual list of 21 ultimate gifts, with items ranging from antique cars to private yachts with helicopter pads. And for those looking for a more intimate way to show off their wealth, Victoria's Secret is offering a diamond studded "Fantasy Treasure Bra" for $2.5 million (h/t Business Insider).
Then again, there's always Santa Clause.
Here are some of the most extravagant gifts on the market this holiday season: