Why the Wealthy Are Spending More Now
Be Wealthy & Smart
Linda P. Jones
4.8 • 883 Ratings
🗓️ 24 February 2025
⏱️ 6 minutes
🧾️ Download transcript
Summary
Discover why the wealthy are spending more now. Is the spending in anticipation of tariffs or something else?
Are you investing well for financial freedom...or not?
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Transcript
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| 0:00.0 | Be Wealthy and Smart, episode 1472. |
| 0:03.8 | I'm going to live the rich life, full than best life, yes, life. |
| 0:11.2 | So if y'all know what I mean, put your hands up and declare with me, yeah, I'm full of bed. |
| 0:18.0 | I'm going to live a good life, a beautiful of good life. |
| 0:25.6 | Step into a world of wealth and financial freedom without budgets, boredom or bosses on Be Wealthy and Smart. |
| 0:34.5 | And now, here's your host, Linda P. Jones. Welcome to be wealthy and smart. I'm Linda |
| 0:41.2 | P. Jones, America's wealth mentor, empowering women and men worldwide to financial freedom. |
| 0:46.2 | On today's show, we're going to talk about why the wealthy are spending more now. While the stock |
| 0:51.9 | market is in a pullback and the economy seems to be headed for a soft |
| 0:56.1 | landing, it's interesting to see that the wealthiest 10% of Americans are driving the bulk of |
| 1:02.7 | consumer spending at this time. While many Americans are cutting back, the wealthier people |
| 1:07.8 | are spending freely. According to the Wall Street Journal, the top 10% of earners, |
| 1:13.3 | which are households making at least $250,000 a year, are buying things like vacations and luxury goods. |
| 1:21.2 | Could this be an attempt to get ahead of any tariffs or cost increases or something else at work here. These consumers make up just |
| 1:29.7 | under half of all consumer spending, the highest dating back 35 years, the report said, citing an |
| 1:36.0 | analysis by Moody's analytics. Three decades ago, those wealthier consumers accounted for about |
| 1:42.0 | 36% of spending. That means that economic growth is unusually |
| 1:46.4 | dependent on wealthier American spending, the report said. Mark Zandi, chief economist at Moody's |
| 1:52.2 | analytics, estimated that spending by these consumers made up close to a third of gross domestic |
| 1:57.7 | product. High earners up their spending by 12% between September of |
| 2:02.3 | 2023 and September of 2024, while working class households began spending less. The Wall |
| 2:09.1 | Street Journal report notes that richer Americans have increased their consumer spending well |
... |
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