by Seth D. Michaels
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If you're looking for the story of the American economy right now, you can find it in the wide space between Neiman-Marcus and the Dollar Store.
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When you look at income and wealth, the collapse of the middle class is apparent, but it's even more striking when you look at the dollars people spend, not just the ones they earn.
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A New York Times report by Nelson Schwartz shows that the very wealthiest are taking up an-ever larger share of the consumer market, and the business community is responding logically:
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The top 20 percent of earners are doing more than 60 percent of the consumer spending in this country, Schwartz reports, and since the recession, spending by the top 20 percent of households represents 90 percent of the increase in consumer spending since the recession.
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A recent Morgan Stanley analysis shows that consumer spending grew in 2013 - but it was driven by high-end durable goods like boats, luggage and watches, and high-end services like air travel and investment advice.
If you're looking for the story of the American economy right now, you can find it in the wide space between Neiman-Marcus and the Dollar Store.
.
When you look at income and wealth, the collapse of the middle class is apparent, but it's even more striking when you look at the dollars people spend, not just the ones they earn.
.
A New York Times report by Nelson Schwartz shows that the very wealthiest are taking up an-ever larger share of the consumer market, and the business community is responding logically:
.
As politicians and pundits in Washington continue to spar over whether economic inequality is in fact deepening, in corporate America there really is no debate at all. The post-recession reality is that the customer base for businesses that appeal to the middle class is shrinking as the top tier pulls even further away..
The top 20 percent of earners are doing more than 60 percent of the consumer spending in this country, Schwartz reports, and since the recession, spending by the top 20 percent of households represents 90 percent of the increase in consumer spending since the recession.
.
A recent Morgan Stanley analysis shows that consumer spending grew in 2013 - but it was driven by high-end durable goods like boats, luggage and watches, and high-end services like air travel and investment advice.
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