Wealthy Americans spending more time alone is reshaping the economy - Business Insider

  • 📰 BusinessInsider
  • ⏱ Reading Time:
  • 35 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 17%
  • Publisher: 51%

Canada News News

Canada Canada Latest News,Canada Canada Headlines

The pandemic has disrupted how the wealthiest Americans allocate the $7 trillion they spend in a quarter. Their hobby choices are already shaking the economy

Leisure spending has taken on various forms since modern capitalism was born, from the "conspicuous consumption" of the nouveau riche in the 19th century to the more recent "inconspicuous consumption" of high earners. But it's never before entered a mass moment of solitary leisure like this.

." This kind of discreet wealth became the new status symbol as the wealthy looked to nonmaterial services that would help them gain new prestige for having "social, environmental, and cultural awareness," she said. "I think if we can get control of this within a year or year-and-a-half, the forces of the economy are just so incredibly powerful that I think we won't see a lot of changes," Yoder said. "When restrictions are lifted, as we're seeing now, there is a lot of pent-up desire to engage in social events."For all of its inequalities, the pre-coronavirus service economy wasn't close to being a match for the solitary-leisure era.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Doctor destroys the hoax of mask wearing, risk associated with prolonged use. ...

Hi dear...If you need any kind of logo design like a Flat, Minimal, Vintage logo, Please check the link below...

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 729. in CA

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Planet Money's Adam Davidson: 'passion economy' business is the future - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. If you want to take your website to the first page of Google contact now
Source: BusinessInsider - 🏆 729. / 51 Read more »

Halloween spending to hit record highs, even with Covid, survey shows - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Degrees matter for Black Americans, though the wealth gap remains wide - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. BlkGrlBrilliant as negative as racism, negative people enjoy the negative staff they say/perform BlkGrlBrilliant First problem of this article. Is that statistics show black people are on average more likely to own an expensive car and jewelry. So if you spend your money instead of saving it. You don't really accumulate wealth do you...... In a sense, their black pride is in their way.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Biden's tax plan won't raise many Americans' taxes, unless you're rich - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Bullshit Motley fool article on OpenLearning=ASX$OLL🚀 OpenLearning=ASX$OLL Half year results🚀🚀🚀
Source: BusinessInsider - 🏆 729. / 51 Read more »

The 50 best-selling albums of all time - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. What a bunch of corporate garbage. How does your conglomerate get away with tweeting this nonsense for a business magazine? Yuck. led zeppelin is the greatest band of all time Guess what.. I got all of them
Source: BusinessInsider - 🏆 729. / 51 Read more »