Rachel Wolfe

And that matters because it can set people back long term.

It really can affect people's future earnings if they aren't able to get a job soon.

We know that people who own stocks are feeling really good about the economy.

And so the growth has been so good that that's really not only changing stock owners' economic mood, it's also prompting more people to get into the stock market.

Yeah, it's so interesting.

But we do know that people's preference in the stock market drives their spending outside of it.

So it is related in that way, that even if people aren't cashing out their stocks to spend money, some of them are.

But even if they're not doing that, it makes them more willing to spend otherwise because they're like, look, I'm doing well.

People are kind of using it as their savings accounts.

Exactly.

And I think that that's part of what's driving more resilience in consumer spending than a lot of people had expected.

So they comprise an outsized share of economic spending and an increasingly large share, which is part of the growing inequality that we're seeing.

And so we're seeing more companies target their services specifically to wealthy consumers.

They're realizing that actually we don't need to appeal to everybody.

There is no kind of mass middle class anymore.

We're seeing this like

of products, services, airplane seats.

It's all in the stock market.

The stock market turning down.

Exactly, because a lot of that wealth is stock market or the housing market.