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Top 10% Drive Consumer Spending Amid Economic Struggles

2/24/2025

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Summary

Story summary

The top 10% of earners in the U.S., making over $250,000, represent nearly 50% of consumer spending and one-third of GDP.
Their spending increased by 12% from September 2023 to September 2024.
In contrast, lower-income households are experiencing rising credit card delinquencies.
Working-class Americans face inflation and stagnant wages, resulting in decreased spending and greater reliance on credit.

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Story summary

The top 10% of earners in the U.S., making over $250,000, represent nearly 50% of consumer spending and one-third of GDP.
Their spending increased by 12% from September 2023 to September 2024.
In contrast, lower-income households are experiencing rising credit card delinquencies.
Working-class Americans face inflation and stagnant wages, resulting in decreased spending and greater reliance on credit.