This is incredible:
The share of the top 10% of US consumers now account for 49.2% of all consumer spending, the highest level in data dating back to 1989.
By comparison, this share was 43.2% in Q4 2019.
Over the last 3 decades, this percentage has risen 13 points.
Consumer spending reflects 68% of US GDP, meaning the wealthiest 10% now drive roughly one-third of the entire economy.
Meanwhile, the bottom 80% of earners, or households making under ~$175,000 a year, have seen spending barely outpace inflation since 2020.
The US wealth divide is at unprecedented levels.
