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Businesses Are Turning Toward Wealthier Shoppers. Lower-Income Consumers Are Pulling Back On Spending
U.S. economy may be holding steady overall, but the financial divide is getting harder to ignore. Higher-income households are spending more and seeing stronger wage growth, while lower-income households are increasingly feeling left out, according to recent data from the Bank of America Institute. Widening Gap In Spending And Wages According to the institute’s August “Consumer Checkpoint: Gains and Gaps” report, credit and debit card spending per household rose 1.8% year over year in July, the
U.S. economy may be holding steady overall, but the financial divide is getting harder to ignore. Higher-income households are spending more and seeing stronger wage growth, while lower-income households are increasingly feeling left out, according to recent data from the Bank of America Institute. Widening Gap In Spending And Wages According to the institute’s August “Consumer Checkpoint: Gains and Gaps” report, credit and debit card spending per household rose 1.8% year over year in July, the
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