When Did Everything Become ‘K-Shaped’?
The New York Times••business
Key Points:
- Holiday spending is projected to exceed $1 trillion for the first time, driven primarily by high-income consumers making costly purchases, according to the National Retail Federation.
- Wealthier individuals are spending confidently, while many lower-income Americans are opting for discounted items or using credit cards to finance their purchases.
- This spending pattern reflects a "K-shaped" economy, where economic experiences diverge sharply between wealthier and less wealthy groups.
- Joanne Hsu from the University of Michigan highlights this bifurcation in consumer sentiment, with the affluent showing optimism and the less affluent struggling financially.
:max_bytes(150000):strip_icc()/Scientists-Kale-Tastier-Nutrient-Dense-FT-DGTL1225-06d59cee4eb04cc098e393847776f3d2.jpg)
