Spending among higher-income U.S. consumers has increased by 2.3% over the last three years, compared to just 1.6% for middle-class households making between $40,000 and $125,000, and less than 1% for those earning under $40,000.

According to the Federal Reserve Bank of New York, those gains reflect a widening gap in who’s actually been able to spend, with higher earners benefiting from strong stock market gains, while slower hiring and higher everyday costs have capped spending for everyone else. This has further reinforced the idea of the "K-shaped" economy that's taken hold in the U.S. over the last year, where higher-income households have seen their purchasing power climb, even as middle- and lower-income consumers have remained far more cautious, instead prioritizing essentials while pulling back on discretionary purchases.

The New York Fed also identified a correlation between higher spending and households with at least one bachelor's degree, which have consistently outspent their non-college-educated counterparts dating back to 2023. College graduates, who earn a salary on average twice as high as those with only a high school diploma, have continued to outspend their less-educated counterparts since 2023, despite facing a tough labor market in recent years. according to Census Bureau data.

The K-shaped spending gap in the U.S. has reared its head frequently in recent months too. In the lead-up to the 2025 holiday shopping season, investment management company JLL found that households under $50,000 were planning to cut their holiday spending back by nearly a quarter, while those earning over $150,000 were increasing their planned spending by 26%.

"Economic inequality became starkly visible during the 2025 holiday season, with spending patterns revealing a deeply divided consumer landscape," JLL said at the time.