Psalms 9:9-10 – “The LORD Yahweh also will be a refuge for the oppressed, a refuge in times of trouble”
When Wealthy Americans Stop Spending
Affluent Americans are cutting back on spending. A shift which signals potential trouble for an economy. Times are getting tough when wealth Americans stop spending.
A collection of retailers serving the upper middle class, such as Apple, Coach, and Nordstrom, experienced their steepest sales decline in two years.
This data, derived from Bloomberg Second Measure, also reflects a downturn in affluent mall traffic.
If you see any boosting of an uptick in retail sales figures? It’s a lie!
Households with incomes over $100,000 are becoming more frugal.
Bloomberg’s affluence index, comprised of 30 high-end retailers across various sectors, shows a marked deterioration in sales.
Since January, 70% of these companies experienced a sales decline, with a median drop of 14% — the worst in two years.
Wealthy individuals are now employing cost-saving measures like dining at home and checking out thrift stores.
Everybody is kind of in window-shopping behavior right now.
To entice customers, stores have resorted to giving away trial-size products. They need sales!
But years of high inflation and rising interest rates have soured the moods of some consumers.
Conclusion
Richer Americans have grown increasingly worried about their jobs. You cannot buy anything if you do not have money!
Thus, more people are opting to pay off debt.
Shoppers have already reduced spending on big-ticket items such as washing machines, Botox and teeth straightening.
The pullback in spending by wealthier Americans is not just a blip, but yet another barometer of the economy’s health.
Many Americans are waiting for a going out of business sale. It’s true unfortunately.
We have cut back on our spending mostly because we don’t need anything else.
True wealth comes from taking raw materials to finished product.
So, the wealthy are hoarding their money? What a shocker!
The collapse is happening – just in slow motion.
The economy needs endless spending to avoid recession?
If wealthy people want to help the poor, the best way they could do that is to stop spending?
Look at the charts. All discretionary items.
As always, keep Yahweh first, stay free, pay down your debt and prepare. Shalom.
DISCLAIMER: I am not a financial adviser. This site is for educational purposes only. It is imperative that you do your own research. I am sharing my opinion from personal research and experience with no guarantee of gains or losses on investments, finance etc.
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