The wealthy are spending less money on luxury, and it might signal another recession. From penthouses to classic cars, here's what's just not selling in 2019
The wealthy are saving more and spending less, which could be a recession red flag, reported Robert Frank for CNBC. There have been declines in the luxury real estate, fashion, jewelry, art, and classic car markets. Tax changes, demographic shifts, and a rise in discreet wealth are some of the factors at play here. Visit Business Insider's homepage for more stories.
The wealthy are saving more and spending less, which could be a recession red flag, reported Robert Frank for CNBC. There have been declines in the luxury real estate, fashion, jewelry, art, and classic car markets. Tax changes, demographic shifts, and a rise in discreet wealth are some of the factors at play here. Visit Business Insider's homepage for more stories.
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