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The wealthy ramp up spending while other Americans tread water, new study finds
Higher-income households increased inflation-adjusted spending by 2.3% since 2023, while those earning below $40,000 lifted spending by just 0.9%, Federal Reserve data show.
- Higher-Income Americans and those with college degrees have ramped up their spending more quickly in the past three years than other consumers.
- Lower-Income and rural households faced higher inflation than higher-income households in the final three months of last year.
- The data shows a pattern of lower-income households faring better in 2021 and 2022, while wealthier households boosted their spending in 2023 and 2024.
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The chart reinforces the notion of a "K"-shaped economy, in which the wealthy drive a disproportionate share of consumption, while the poorest grapple with higher inflation.
·Brazil
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Associated Press News+23 Reposted by 23 other sources
The wealthy ramp up spending while other Americans tread water, new study finds
Higher-income Americans and those with college degrees have ramped up their spending more quickly in the past three years than lower-income households and those without college diplomas, according to new data released Tuesday, evidence of worsening inequality amid overall growth that may explain som
·United States
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Coverage Details
Total News Sources27
Leaning Left3Leaning Right4Center17Last UpdatedBias Distribution71% Center
Bias Distribution
- 71% of the sources are Center
71% Center
12%
C 71%
R 17%
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