Consumer Spending Boosted By Wealthy Americans 7/9/26

Summary

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Your Money Minute – “Consumer Spending Boosted By Wealthy Americans” (7/9/26)

Host: Jessica Ettinger, CNBC
Duration: 60 seconds
Main Theme:
A snapshot of current U.S. consumer spending reveals the disproportionate influence of affluent Americans in sustaining economic growth, even as most households feel the crunch of ongoing high inflation.

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Key Discussion Points & Insights

Consumer Spending Overview

• U.S. consumer spending is a crucial driver of economic growth; investors monitor it closely.
• In Q2 2026, real consumer spending is about 2%, slightly below trend but still considered stable.

“If you look at consumer spending, it's tracking on a real terms about 2% in the second quarter. That's actually below trend. I would say it's fine below trend, but fine.” — Gabriella Santos, JP Morgan (quoted by Jessica Ettinger) [00:14]

Who is Doing the Spending?

• The majority of consumer spending comes from higher-income Americans:
  • 40% of all spending is driven by the top 20% of earners.
  • This group’s robust spending is keeping economic growth afloat, offsetting reduced spending elsewhere.

“We still see 40% of that spending being driven by the top 20% income consumers in the U.S. Wealthier Americans have been spending enough for everyone and enough to keep U.S. economic growth afloat.”
— Jessica Ettinger [00:28]

Economic Impact

• Consumer spending accounts for about two-thirds of U.S. economic growth.
• Despite high inflation, spending by wealthy Americans continues to support overall economic activity.

Influence of Gas Prices

• Recently, gas prices have come down from previous highs linked to the Iran war, easing financial pressures.
• This drop may increase consumer confidence across all income brackets as summer spending season continues.

“With gas prices down somewhat from their Iran war highs, that may give Americans in all income brackets the confidence to keep opening their wallets for the summer.” — Jessica Ettinger [00:50]

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Notable Quotes & Memorable Moments

• Gabriella Santos (JP Morgan, as referenced):
  • “I would say it’s fine below trend, but fine.” [00:18]
• Jessica Ettinger:
  • “Wealthier Americans have been spending enough for everyone and enough to keep U.S. economic growth afloat.” [00:33]

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Timestamps of Important Segments

• [00:00] – Introduction to U.S. consumer economy and spending metrics
• [00:14] – JP Morgan’s Gabriella Santos on spending’s current trend
• [00:28] – Breakdown of who is driving consumer spending
• [00:45] – Impact of gas prices and consumer confidence

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Tone and Language

Jessica Ettinger’s delivery is straightforward, informative, and brisk, matching the one-minute format. The episode maintains a personal finance focus, accessible to everyday listeners, while grounding insights in expert and economic data.

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For more updates on consumer spending and finance, visit cnbc.com.

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Transcript

[A]

With a CNBC YOUR Money minute. I'm Jessica Edinger. The US Is a consumer economy, so investors are always watching to see whether consumer spending is healthy. If you look at consumer spending, it's tracking on a real terms about 2% in the second quarter. That's actually below trend. I would say it's fine below trend, but fine, says JP Morgan's Gabriella Santos on CNBC. But the bulk of the spending is being done by the usual suspects. We still see 40% of that spending being driven by the top 20% income consumers in the U.S. wealthier Americans have been spending enough for everyone and enough to keep U.S. economic growth afloat. Even with high inflation, consumer spending makes up about two thirds of U.S. economic growth, economists tell CNBC. With gas prices down somewhat from their Iran war highs, that may give Americans in all income brackets the confidence to keep opening their wallets for the summer. You can keep up on consumer spending and [e-mail] I'm Jessica Ettinger, CNBC. Hey Fidelity,

[B]

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[C]

Investing involves risk, including risk of loss. 0 account fees apply to retail brokerage accounts only $0 commission does not apply to customers. Designated by Fidelity as a professional equity trader, a limited number of ETFs are subject to a service fee of 100 DOL dollars. See [e-mail] commissions Fidelity Brokerage Services LLC member NYSE, SIPC.