"U.S. consumers unexpectedly caught a case of the economic willies in October. Their list of woes is growing from jobs to incomes to the stock market. Confidence among high-income consumers has fallen more sharply than among lower earners — a concern for future spending trends."

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Confidence Falls Most Among High-Income Consumers - Real Time Economics - WSJ

One of the things that has perplexed me for awhile now has been the strength in luxury goods through this downturn and tepid recovery. It makes sense if you think about this recovery as one that has been led by high wage-earners who were feeling more confident about a recovery. Middle and lower wage earners haven’t seen jobs added as fast, and those that have come their way have been temp, or contract assignments. Coupled with underwater mortgages, you’ve seen the average wage earner faced with low prospects and low mobility.

I’ve been perplexed at the durability of a consumer economy based on a small class of people spending while the lower incomes were tightening so much.

I think we’re seeing the first signs of what I’ll call wealth fatigue. It seems like everyone, rich or poor, is starting to perceive the economy alike now.