The Art and Science of Spending Money“I think you’ll see that a disproportionate share of those with the biggest homes, the fastest cars, and the shiniest jewelry, grew up ‘snubbed’ in some way. Part of their current spending isn’t about getting value out of flashy material goods; it’s about healing a social wound inflicted when they were younger. Even when “wound” is the wrong word, the desire to show the world that you’ve made it increases if you grew up snubbed out of what you wanted.
“Supply side pressures mute impact of slowing consumption. Although global growth has been slowing due to steeply rising interest rates, higher energy prices, Russia’s war on Ukraine, a strong US dollar, and until very recently, pandemic lockdowns in China, most commodity markets appear surprisingly tight in 2023 as ongoing supply side challenges have served to largely offset weaker consumption.