Nordstrom and other retailers that cater to America’s upper middle class have experienced weakening results.
Photographer: Gabby Jones/BloombergIs the US Headed for a Recession? Look at What Richer Americans Do on Black Friday
The upper middle class powered a spending boom that kept the US out of recession, but there are increasing signs of a slowdown.
Richer Americans are curtailing their spending ahead of Black Friday, a worrisome sign for an economy that has so far depended on the US consumer to stave off a recession.
In the three months ahead of the all-important holiday shopping season, a group of retailers that cater to the upper middle class — including Apple, Coach and Nordstrom — saw its biggest sales drop in two years, according to an exclusive analysis of Bloomberg Second Measure data1. The malaise also hit top-performing malls in wealthier areas, even as overall retail-sales figures march higher.