U.S. consumer spending shows record holiday activity and billionaire luxury growth

U.S. consumer spending patterns are showing a stark divide between general populations and the ultra-wealthy. Despite persistent inflation, holiday shopping activity reached record levels during the Thanksgiving period. Data from the National Retail Federation indicates that nearly 197 million U.S. consumers shopped during the five-day holiday, representing approximately 76% of consumers. Cyber Monday also saw significant activity, with an estimated 77 million individuals shopping online.

In contrast to the belt-tightening seen among working-class consumers, the AI-driven boom has significantly increased the wealth of billionaires. The number of billionaires in the U.S. rose 13% between April 2025 and 2026. This cohort is driving high-end demand for luxury assets, including superyachts and private jets, often prioritizing efficiency and specific lifestyle amenities over traditional social displays. Economic observations suggest that the top 20% of U.S. income earners accounted for nearly 60% of total outlays in the first three months of 2026.