Wealthier Americans, lifted by stock market gains, spend freely on travel, jewelry, and high-end experiences. Their consumption keeps economic indicators such as GDP and consumer spending looking strong. But, that strength is increasingly built on the spending habits of the top 10%, who now account for nearly half of all consumer expenditures—the highest share since the late 1980s, the New York Times reports.
The trend takes many forms: First and business class seats sell out on planes. Credit card companies are offering premium cards with mounting annual fees, some now reaching $795 or even more.
