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

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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.

 

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