Rich people are trading in their caviar and foie gras for Big Macs and Double Downs.
America’s ultra-affluent, people American Express Business Insight identifies as the highest spending living in the most expensive neighborhoods, increased their fast food spending by 24% in Q2 year-over-year (via The Wall Street Journal).
American Express Business Insight describes this as a desire to save money rather than a change in tastes (emphasis ours):
Ultra-affluent consumers are showing signs that they might be increasingly valuing speed over elegance as the global economy continues to change.
Ahh, speed over elegance. We all make sacrifices in these difficult economic times.
Photo: American Express
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