$14,000 dog grooming bills and 25% pricier flights: How the K-shaped economy is punishing the middle class

Macro
โดย Moneywise·Read original
Summary · why it matters

Businesses are increasingly abandoning middle-class buyers to cater to wealthy consumers in a K-shaped economy. High-income pet owners are paying as much as $14,000 per year on dog grooming, while ticket prices are up 25% as airlines raise fares amid rising oil costs. The Federal Reserve's June Beige Book reported solid demand for luxury goods, travel, and real estate, but weakening markets for lower-end products. Former Treasury director Kitty Richards said companies are jacking up prices to extract as much as possible from a small set of wealthy people. Middle-income households are squeezing more life out of every dollar, skipping restaurants or choosing cheaper meals, while higher-income households remain largely insensitive to price pressures.

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