High earners cut everyday spending to splurge on experiences

7 articles · Updated · Fortune · Apr 30

Aprio Wealth Management's Erin O'Connor-Bell said affluent clients are bargain-hunting on groceries and household goods while still paying for five-star hotels, Michelin meals, trips and concerts.
She said the pattern reflects values and emotional attitudes to money, not confusion, as rising prices push even comfortable households to redirect spending toward social connection and well-being.
By contrast, TruStage's Terrance Williams said middle-market households earning $55,000 to $160,000 are cutting insurance or other essentials as higher grocery, gas and housing costs squeeze budgets.

Could the affluent's focus on experiences over goods actually signal growing financial insecurity beneath the surface of selective spending?

With inflation squeezing the middle class and even high earners feeling stretched, is the divide in consumer well-being wider than ever before?

How might shifting consumer values toward experiences and transparency reshape the future of retail and financial services in the next few years?