Your Money Minute High Earnings Now Changing Spending Habits 11/6/25
Nov 6, 2025
Drew Mattis, an economist at MetLife and a CNBC commentator, dives into the shifting financial landscape of high earners. He highlights that despite their substantial incomes, expectations are deteriorating, particularly among the wealthiest. This shift may lead affluent consumers to start seeking deals, which is a surprising turn for this group. As consumer spending shows signs of weakening, Mattis warns of potential challenges heading into the new year, suggesting a shift in the spending habits of even the upper crust.
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Wealthy Consumers Are Losing Confidence
- High earners are now reporting weaker expectations for income after inflation compared with past trends.
- This shift may change their spending behavior and reduce the outsized support they've given to consumer spending.
High Earners Have Been Propping Up Spending
- America's higher earners had been propping up overall consumer spending but may cut back as raises slow and prices rise.
- Changes may not show immediately, but high earners will likely seek deals or alter past spending habits.
Income Expectations Are Uneven Across Tiers
- Expectations for income net of inflation are worsening most at the very top while the middle holds and the lower end worsens differently.
- This uneven shift suggests different segments will respond to economic pressure in varied ways.