SPENDING BY TOP 5 PERCENT ROSE 35 PERCENT

“There is also increasing demand from the most affluent shoppers. Spending by the top 5 percent of earners rose nearly 35 percent from 2003 to 2012 after adjusting for inflation, according to a study by Mr. Fazzari and Barry Z. Cynamon of the Federal Reserve Bank of St. Louis. For everyone else, spending grew less than 10 percent.”

Nelson D. Schwartz, “In and Age of Privilege, Not Everyone Is in the Same Boat: Companies Are Becoming Adept at Identifying Wealthy Customers and Marketing to Them, Creating a Money-Based Caste System.” New York Times, April 24, 2016, page A1.