New recession warning: The rich aren’t spending
A sudden pullback in spending among the wealthy could cascade down to the rest of the economy and create a further drag on growth.
High-end real estate is having its worst year since the financial crisis.
Luxury retailers are struggling while discounters like Walmart and Target thrive.
At this month’s massive Pebble Beach car auctions, the most expensive cars faltered on the block.
In the first half of 2019, art auction sales were down for the first time in years.
A sudden pullback in spending among the wealthy could cascade down to the rest of the economy and create a further drag on growth.
High-end real estate is having its worst year since the financial crisis.
Luxury retailers are struggling while discounters like Walmart and Target thrive.
At this month’s massive Pebble Beach car auctions, the most expensive cars faltered on the block.
In the first half of 2019, art auction sales were down for the first time in years.
