Wealthy consumers upped their spending last quarter, while the rest of America is cutting back

1. Lower-income consumers are reducing discretionary spending amid rising inflation. 2. American Express reported a 6% spending increase, focusing on affluent customers. 3. Increased consumer spending on essentials suggests future demand may weaken. 4. Debt levels are rising, with 11.1% making only minimum credit card payments. 5. Luxury spending remains strong despite broader economic concerns and potential recession.