Wealthy consumers upped their spending last quarter, while the rest of America is cutting back

Wealthy consumers upped their spending last quarter, while the rest of America is cutting back


Key Points
  • Lower-income earners are reining in their transactions to focus on essentials, while the wealthy continue to spend freely on perks including dining out and luxury travel, according to first-quarter results from U.S. credit card lenders.
  • Synchrony, which provides store cards for retail brands including Lowe’s and T.J. Maxx, spending fell 4% in the first three months of the year, the company said last week.
  • That compares to a 6% spending jump at American Express and a similar rise at JPMorgan Chase, both of which cater to wealthier users with higher credit scores.



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