Andrew Keshner of MarketWatch reports that people who make over $100,000 are finally joining the cutback club. Keshner writes:
The splurge is starting to sputter for people making six figures.
While rising prices have pressured many Americans since the fast uptick in inflation rates, the pinch hasn’t been as hard for higher-end households, who have continued to shell out for restaurants, fashion, travel and other purchases beyond the bare necessities.
But a new look at consumer behavior suggests people making $100,000 and above are also beginning to cool it on their discretionary spending.
Compared with their lower-income counterparts, people making above $100,000 reported the tightest contraction in discretionary spending in the second quarter year over year, according to Morning Consult researchers.
The numbers indicate these more affluent Americans could finally be joining the swath of people who have already cut back on nonessentials. […]
To be sure, there are counterexamples showing that the high-end household is still a big spender. After all, clear-cut, across-the-board themes are tricky to find in today’s economy.
On Wednesday afternoon, Chipotle Mexican Grill beat Wall Street estimates with its second-quarter results. Analysts note the fast-casual restaurant tends to have a more upscale customer base.
Read more here.