- Early US holiday spending is reflective of the increasingly polarized economy featuring high-earners continuing to splurge while inflation is forcing the poor and working-class cut back on non-essentials.
- This dichotomy was evident during Thanksgiving as $100+ per person hotel brunches sold out while charities reported record demand for free turkeys.
- The pandemic nest-egg savings many Americans accumulated thanks to stimulus checks and rising wages have largely been exhausted due to rising (+7.7% year-over-year) inflation.
- Article provides more details on how inflation widens inequality.
