Better than expected earnings propel S&P 500 near record high, but concerns linger over struggling consumers. Mass-market brands report spending reduction, while less price-sensitive sectors like airlines thrive.
Economy polarized between affluent with low debts and robust investment gains versus less-affluent grappling with debt accumulation and depletion of pandemic savings. 'Haves' have greater spending power.
Rise in 'buy now, pay later' programs may conceal underlying consumer debt issues. Executives cite low-income consumers as reason for slipping sales and weak profit forecasts.
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