Washington Edition

Has the K-Shaped Consumer Spending Story Been Exaggerated?

Economists debate whether the economy is increasingly relying on spending by the rich.

Rolex watches in Manhattan store display. Economists are debating whether the wealthy account for an increasingly larger share of consumer spending.Photographer: Charly Triballeau/AFP/Getty Images

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By Jonnelle Marte

March 17, 2026 at 8:33 PM UTC

This is Washington Edition, the newsletter about money, power and politics in the nation’s capital. Today, US economy reporter Jonnelle Marte looks at the debate over the K-shaped economy. Sign up here. Email our editors here.

Is US economic growth increasingly powered by spending by the rich?