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 the economy would being doing better if 90% of people had money for basic needs and maybe a little left over afterwards for shit like I dunno, cars, hobbies, charity, advocacy and events.
Remember, not that long ago, a single working man could provide for a house, 2 cars, a wife and 2.5 kids.
Nowadays, it takes DINKs deep into their careers to afford a starter home.