Wealthy Americans Drive Nearly Half of US Consumer Spending
TL;DR Summary
In Q2, the top 10% of American earners accounted for nearly half of consumer spending, highlighting growing income inequality and economic disparities, with high earners benefiting from record stock and home prices, while overall consumer spending remains fragile and could threaten a recession if high earners pull back.
- The top 10% of Americans account for nearly half of consumer spending Morning Brew
- Top 10% of Earners Drive a Growing Share of US Consumer Spending Bloomberg.com
- The economy is chugging along, but consumers are uneasy NBC News
- Moody’s economist: US avoids recession if well-to-do ‘keep spending’ The Hill
- Wealthy consumers account for nearly half of all US consumer spending Baton Rouge Business Report
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