Wealthy people's consumer spending is single-handedly warding off a recession

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Affluent Americans are largely keeping the economy afloat with their continued spending, even as signs of strain emerge among lower- and middle-income households.While rising inflation, elevated interest rates, and surging prices for essentials like rent, groceries, and fuel have forced many households to scale back, wealthier consumers have remained relatively insulated. Buoyed by gains in the stock market and resilient home values, high-income earners have kept up their discretionary spending.Businesses are increasingly acknowledging this growing divide. Walmart recently reported that an uptick in sales has been driven by more affluent shoppers. And during its latest earnings call, McDonald’s highlighted a clear economic split—sharp pullbacks in visits from low- and middle-income customers, while traffic from higher-income patrons remains steady.So far this year, spending from low- and middle-income groups has noticeably declined. In contrast, high-income consumers continue to spend at consistent levels, helping to prop up the broader economy.