Wealthier Americans are driving retail spending and powering US …

Oct 18, 2024 · By August 2024, inflation-adjusted spending on retail goods was nearly 17% higher than it was in January 2018 for upper-income households, defined as those earning more than …

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Oct 18, 2024 · By August 2024, inflation-adjusted spending on retail goods was nearly 17% higher than it was in January 2018 for upper-income households, defined as those earning more than …

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Driving Retail Spending, Wealthier Americans Are Powering US …

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Oct 18, 2024 · By August 2024, inflation-adjusted spending on retail goods was nearly 17% higher than it was in January 2018 for upper-income households, defined as those earning more than …

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Oct 18, 2024 · By August 2024, inflation-adjusted spending on retail goods was nearly 17% higher than it was in January 2018 for upper-income households, defined as those earning more than …

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Oct 18, 2024 · For middle-income households — earning $60,000 to $100,000 — their spending rose 13.3% during the same period, the Fed study found. And for those earning less than …

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Oct 18, 2024 · Housing and stock values have soared in particular for the wealthiest one-tenth of Americans over the past four years. The value of their home equity has leapt 70% from the …

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Wealthier Americans Are Driving Retail Spending And Powering US …

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Oct 18, 2024 · For middle-income households — earning $60,000 to $100,000 — their spending rose 13.3% during the same period, the Fed study found. And for those earning less than …

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Wealthier Americans Driving Retail Spending, Powering US …

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Oct 20, 2024 · By August 2024, inflation-adjusted spending on retail goods was nearly 17% higher than it was in January 2018 for upper-income households, defined as those earning more than …

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Oct 18, 2024 · By August 2024, inflation-adjusted spending on retail goods was nearly 17% higher than it was in January 2018 for upper-income households, defined as those earning more than …

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Oct 18, 2024 · By August 2024, inflation-adjusted spending on retail goods was nearly 17% higher than it was in January 2018 for upper-income households, defined as those earning more than …

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Oct 19, 2024 · By August 2024, inflation-adjusted spending on retail goods was nearly 17% higher than it was in January 2018 for upper-income households, defined as those earning more than …

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FAQs about Wealthier Americans are driving retail spending and powering US … Coupon?

Why are Americans spending more at retail stores and restaurants?

It’s a trend that has surprised many: Why, despite being squeezed by high prices, have Americans kept spending at retail stores and restaurants at a robust pace? One key reason is a relatively simple one: Wealthier consumers, boosted by strong gains in income, home equity and stock market wealth, have increasingly driven the spending. ...

How did inflation affect retail spending in 2024?

By August 2024, inflation-adjusted spending on retail goods was nearly 17% higher than it was in January 2018 for upper-income households, defined as those earning more than $100,000. For middle-income households — earning $60,000 to $100,000 — their spending rose 13.3% during the same period, the Fed study found. ...

What happened to retail spending in 2024?

But about three years ago, the trend shifted: Upper- and middle-income consumers started spending at a much faster pace than lower-earners. By August, 2024, inflation-adjusted spending on retail goods was nearly 17 per cent higher than it was in January, 2018, for upper-income households, defined as those earning more than US$100,000. ...

Will consumer spending derail the economy?

Karen Dynan, an economist at Harvard and a nonresident fellow at the Peterson Institute for International Economics, suggested, though, that such trends aren’t likely to derail the overall economy. “There are increasing cracks in consumers’ spending,” she said. “But it’s not yet a broader economic story.” ...

Are middle- and high-income households fueling demand for retail goods?

“Middle- and high-income households have been fueling the strong demand for retail goods,” Fed economist Sinem Hacioglu Hoke and two colleagues wrote. ...

Why are consumers spending more?

One key reason is a relatively simple one: Wealthier consumers, boosted by strong gains in income, home equity and stock market wealth, have increasingly driven the spending. That trend, documented by Federal Reserve research, represents something of a shift from the prepandemic period. ...