The Rich Are Changing Their Spending Habits. Should You?

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 There may be a misunderstanding about consumer spending among the top 1%. Here’s what experts think is happening. LightField Studios / Shutterstock.com

The so-called “richcession” — the idea that a rough economy will hurt the wealthy more than everyone else this year — may be overstated. While luxury home prices are falling by double digits in many places, experts say the wealthiest are more wealthy and spending more than before the COVID-19 pandemic, according to Insider. Where is all the money going, then? According to Moody’s chief economist…

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