Top 10% of Earners Drive a Growing Share of US Consumer Spending
Last edited Tue Sep 16, 2025, 08:54 AM - Edit history (1)
"Takeaways by Bloomberg AI
Wealthy consumers account for a growing share of US consumer spending, with the top 10% of the income distribution accounting for 49.2% of total spending in the second quarter.
The economy has remained afloat amid a decline in hiring and rising debt delinquencies, with the spending of wealthy consumers helping to explain this trend.
Economists worry that the economy's reliance on the spending of the wealthy could put the expansion on unstable footing, with a potential trigger being a downturn for stocks.
Wealthy consumers continue to account for a growing share of US consumer spending, highlighting the lopsided strength of the economy as a slowdown in hiring and wariness among other income cohorts raise fears of a slowdown.
Consumers in the top 10% of the income distribution accounted for 49.2% of total spending in the second quarter, up from 48.5% in the first quarter, reaching the highest level in data going back to 1989, according to an analysis by Mark Zandi, chief economist for Moody’s Analytics.
The figures help to explain how the economy has remained afloat and avoided recession amid a substantial decline in hiring, rising debt delinquencies and stubborn inflation that is straining many households. Preliminary revisions to payroll data released last week showed job growth in the year through March was roughly half as strong as previously reported."
https://www.bloomberg.com/news/articles/2025-09-16/top-10-of-earners-drive-a-growing-share-of-us-consumer-spending?srnd=homepage-americas
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