I know that if consumers stop buying during Black Friday and Christmas all economy will collapse because it’s around 40-50% of companies income.
There is some data here
www.pwc.com/us/en/…/holiday-outlook-trends.html
deloitte.com/…/holiday-retail-sales-consumer-surv…
Comment on Most of us are the bottom row to the billionaire's pyramid scheme.
HubertManne@piefed.social 1 week ago
I saw a youtube video where they claimed consumer spending by regular folks was so small its not longer the driver of the economy and its a combination of well to do spending and corpo spending that are driving things. Their point was what the regular person was doing economically was becoming less and less relevant. Its kinda tough to get data to verify if that is true or not. They talk about sources but they are bought data sets.
vane@lemmy.world 1 week ago
Newsteinleo@midwest.social 1 week ago
That is wild, but it makes sense. Staples isn’t really interested in me buying a pen, and I am guessing the average person does not use a pen that often anymore. However, Staples is really interested in getting a contract with my employer to make sure the office is well stocked with pens, paper, and other office supplies. Depending on how distribution works, it is possible to sell less pens and make more money. If all the pens go to the same three companies that could be cheaper then shipping pens to 15 different stores.
HubertManne@piefed.social 1 week ago
I think his point was they no longer care so much if people can afford things to live. It effected their well being pretty immediately before but now its so detached that by the time we care it will be really bad. Again though you have to sorta trust the data from the guy. I tried some searches but general consumer spending seems the same to me.
CheeseNoodle@lemmy.world 1 week ago
This is my worry for how the world ends, eventually the rich people automate everything and fictionalize the entire economy to the same extent as the stock market, no one can buy anything but line must go up so production numbers must increase and we just end up with piles of random products all over the place (guarded by drones of course, can’t have the poors actually using them) like a corporate driven version of the paperclip maximizer only even more bleak.