Wealthy consumers upped their spending last quarter, while the rest of America is cutting back
Shoppers walk through the King of Prussia Mall, as global markets brace for a hit to trade and growth caused by U.S. President Donald Trump's decision to impose import tariffs on dozens of countries, in King of Prussia, Pennsylvania, U.S., April 3, 2025.America, at the start of 2025, is a tale of two consumers.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 re ...