The Richest 10% Are Now Carrying U.S. Consumer Spending

Bank of America data from July 2026 shows the wealthiest 10% of earners drive nearly all discretionary spending. Lower and middle-income households have burned through savings and faced years of inflation. High earners, buoyed by stock gains and fixed-rate mortgages locked in years ago, keep spending. This concentration means retail strength hides a fragile demand base—one tied more to asset prices than job security.