At present, more affluent individuals are back with their habits of spending.  These habits of the rich have been known for being the most unstable portion of the country’s economy.  It is very surprising to see the degree of instability compared against the rest of the population.  According to a research paper of the topmost earners in the U.S., economists Jonathan A. Parker and Annette Vissing-Jorgensen discovered that the expenditure of the top 5% is over two and a half times as unpredictable as the way all American household spends.  It shows that during good times, the rich spend limitless but in bad times, they almost don’t spend at all.

Excerpt:

“With the rich back in Bentleys, Birkin bags and Bacons, luxury companies are cheering a recovery. The good times are back, even if prices are a little lower.  And with stock markets and wealth soaring, the recession already looks like bad memory unlikely to recur anytime soon.”

Original article can be found at:

http://blogs.wsj.com/wealth/2011/05/13/the-manic-spending-of-the-wealthy/

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