Story perspectives

Top 10% Drive 49.2% of U.S. Spending Amid Economic Strain

9/17/2025

Summary

Affluent Spending Surge

In Q2 2025, the top 10% of U.S. consumers represented 49.2% of total spending, the highest since 1989.
This trend shows economic resilience but highlights dependence on wealthy households.
Middle- and lower-income groups struggle with inflation, exposing economic vulnerabilities.
Retail sales rose for three months, but a drop in affluent spending could be risky.
Mark Zandi from Moody’s Analytics estimates a 48% chance of recession if high-income spending continues.

History

Historical Context

In 1989, the top 10% of U.S. earners accounted for 49.2% of consumer spending, highlighting a growing wealth disparity. This trend has persisted, with the top 1% holding 30.9% of the nation's wealth by 2021. Today, inflation pressures on middle- and lower-income groups echo past economic cycles, raising concerns about potential recession and financial instability linked to wealth concentration.

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Affluent Spending Surge

In Q2 2025, the top 10% of U.S. consumers represented 49.2% of total spending, the highest since 1989.
This trend shows economic resilience but highlights dependence on wealthy households.
Middle- and lower-income groups struggle with inflation, exposing economic vulnerabilities.
Retail sales rose for three months, but a drop in affluent spending could be risky.
Mark Zandi from Moody’s Analytics estimates a 48% chance of recession if high-income spending continues.

1 / 2