Inflation divide: Wealthy Americans splurge while poorest pull back
NEW YORK — Americans at the low end of the income rung are once again struggling to make ends meet.
A confluence of factors — the expiration of federal stimulus checks and surging inflation on staples like gas and food — are driving an even bigger wedge between the haves and have-nots.
While wealthier shoppers continue to splurge, low-income shoppers have pulled back faster than expected in the past two months. They're focusing on necessities while turning to cheaper items or less expensive stores. And they're buying only a little at a time.
The deep divide in spending was reflected in the latest round of quarterly earnings for retailers. At the high end of the spectrum, Nordstrom and Ralph Lauren reported stronger-than-expected sales as their well-heeled shoppers returned to pre-pandemic routines. Lululemon also reported strong quarterly sales of its pricey athletic wear.
https://www.pressdemocrat.com/article/industrynews/inflation-divide-wealthy-americans-splurge-while-poorest-pull-back/
"Inflation"
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