The top 10% of earners—households making about $250,000 a year or more—are splurging on everything from vacations to designer handbags, buoyed by big gains in stocks, real estate and other assets.
Those consumers now account for 49.7% of all spending, a record in data going back to 1989, according to an analysis by Moody’s Analytics. Three decades ago, they accounted for about 36%.
The top-level post uses a gift link. When it runs out, there is an archived copy of the article.
Maybe we should stop measuring the state of economy using the metrics rich people invented to convince everyone it was a good thing for them to get richer in the first place…
Seriously, “Rich people spend more money” Well no shit… They have the money to spend. The broke population doesn’t have shit to spend