Great example. The population as a whole is richer like you say, and also the richest 10% account for half of consumer spending, compared to 36% 30 years ago. [1] So yes, consuming spending has become more of a metric of the wealthy’s spending habits.

No single metric tells the whole story, and by taking them in isolation it’s quite easy to lose the forest for the trees.

[1] https://www.wsj.com/economy/consumers/us-economy-strength-ri...