Posted 11/21/2023, 7:30:00 PM
Wealthy Shoppers Pull Back on Holiday Spending, Hurting High-End Retailers and Signaling Economic Caution
- Richer Americans are pulling back spending ahead of holidays, hurting high-end retailers catering to upper middle class
- Sales dropped 14% over last 3 months for index of 30 retailers with higher average transactions
- Foot traffic fell for first time since pandemic at top malls in wealthier areas
- Shoppers worried about jobs, incomes, paying off debt rather than splurging
- Signals potential weakness ahead for wider economy dependent on consumer spending