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  • TerminalEncounter [she/her]
    ·
    4 months ago

    The flipside is because inequality is so bad the top 10% is responsible for 50% of the spending. Which is why it all feels so k shaped, things are fine or even getting better for the well enough off and mega rich, worse for everyone else. Who is in that top 10% is closing and people are falling off and out but thats certainly why things can feel so immiserating and yet it feels like everything has been frozen up politically. Also credit, the amount of consumer debt is growing and I dont think they're even counting stuff like klarna yet as credit

    • PKMKII [none/use name]
      ·
      4 months ago

      I think that’s also why we’re seeing conspicuous consumption creeping into markets that previously didn’t have that dynamic. When wealth is that concentrated it pushes businesses to market themselves as the luxurious, exclusive option to appeal to that income strata and rationalize large markups to make up for the fallout in the spending of lower income stratas.

      • WokePalpatine [he/him]
        ·
        4 months ago

        we’re seeing conspicuous consumption creeping into markets that previously didn’t have that dynamic.

        Like what for example?

        • PKMKII [none/use name]
          ·
          4 months ago

          This video on the hyperinflation for the hyper wealthy covers the huge markups aspect to cover for the lopsided income strata, but mostly talks about existing conspicuous consumption. However, one area I’ve noticed for emerging conspicuous consumption is sporting events. Sure, there’s always been a divide between the good seats and the nosebleeds, and particular events like the Super Bowl carry higher ticket prices. The difference now is that new stadiums get built, and older stadiums retrofitted, not for maximizing the number of total seats but for most luxury suites, more high end dining options. It’s a switch towards sports games as events for the everyday man to places for the wealthy to get luxury experiences.

    • Hyper_red [she/her, she/her]
      ·
      4 months ago

      I think a big part is owning your housing means you can spend more on other things,

      But millennials and younger still rent and rent is increasing

      The maximize short term profit ain't working boss