Costco's chair, Hamilton 'Tony' James, has noted a rising trend in luxury goods at discount retailers, suggesting that affluent consumers are increasingly motivated by deals. As high earners now account for nearly half of U.S. spending, their preferences heavily influence market dynamics. Recent data from Moody's Analytics indicates this demographic's spending grew significantly in the past year, while lower-income groups spent less. Industries like travel have seen a surge in premium services, reflecting affluent buyers' willingness to splurge on luxury items, creating both opportunity and competition for lower-income-focused retailers.
"Affluent people love a good deal," said Costco chair Hamilton 'Tony' James, highlighting a surprising trend where luxury goods have become popular in discount retail."
According to Moody's, the top 10% of U.S. earners account for almost half of all spending, significantly influencing economic trends and luxury markets.
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