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October 26, 2023 | Luxury Losing Its Luster

Danielle Park

Portfolio Manager and President of Venable Park Investment Counsel ( Ms Park is a financial analyst, attorney, finance author and regular guest on North American media. She is also the author of the best-selling myth-busting book "Juggling Dynamite: An insider's wisdom on money management, markets and wealth that lasts," and a popular daily financial blog:

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.

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October 26th, 2023

Posted In: Juggling Dynamite

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