The wealthy are spending more and everyone else is not, says Zeta Global CEO David Steinberg

Core Insights - The current economic environment shows a disparity in spending habits, with wealthier individuals increasing their spending while others are reducing discretionary expenses [3][7] - There is a notable decline in consumer interest in credit, with a 22% drop from July to August, impacting larger purchases for non-wealthy consumers [5][10] - Essential spending is on the rise, which is helping to maintain overall economic growth despite the drop in discretionary spending [6][7] Economic Indicators - The Zeta Economic Index decreased by four points from July to August, indicating a potential slowdown, but GDP is still expected to grow at or above 2% for the remainder of the year [6][7] - Essential items are being purchased at a greater rate, offsetting declines in discretionary spending and contributing to GDP growth [7][11] - Labor Day sales are anticipated to provide a boost in retail activity for September [8] Consumer Behavior - There is an increasing aversion to risk among consumers, which is reflected in their spending patterns [3][4][11] - The automotive sector has seen a decline in spending, with a noted drop of four points [4] - Consumers are still willing to spend on essential items, which is crucial for maintaining economic stability [10][11]