What about wealthy people not being hurt by higher debt payments? Nonsense, as usual! As financial markets tumble, luxury spending follows. The slowdown is ubiquitous, folks.

CNBC’s Robert Frank reports on spending pull backs from the luxury consumer and what it could be signaling for the economy at large. Here is a direct video link.

Bank of America’s Consumer Checkpoint Survey for September 2023 found that high-income households have become more pessimistic about the economy. The same group also appears more cautious about spending because of soft wage growth and job creation for high earners.

Watch the video below to find out more about how the so-called “richcession” could affect the entire economy.