{"id":1519149,"date":"2022-06-16T14:04:26","date_gmt":"2022-06-16T18:04:26","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1519149"},"modified":"2022-06-16T14:04:29","modified_gmt":"2022-06-16T18:04:29","slug":"even-millionaires-cut-back-on-buying-homes-restaurant-food-gas-thanks-to-surging-inflation","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/even-millionaires-cut-back-on-buying-homes-restaurant-food-gas-thanks-to-surging-inflation\/","title":{"rendered":"Even Millionaires Cut Back On Buying Homes, Restaurant Food, Gas Thanks To Surging Inflation"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">28<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Feven-millionaires-cut-back-on-buying-homes-restaurant-food-gas-thanks-to-surging-inflation%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1519149&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>As the United States <a href=\"http:\/\/dailywire.com\/topic\/economy\">economy<\/a> continues to show signs\u00a0of a looming <a href=\"https:\/\/www.dailywire.com\/topic\/recession\">recession<\/a>, the middle and lower classes are by no means the only groups struggling.<\/p>\n<p>CNBC and Spectrem Group\u2019s most recent <a href=\"https:\/\/www.cnbc.com\/2022\/06\/16\/millennial-millionaires-are-delaying-home-car-purchases-due-to-inflation-.html\">Millionaire Survey<\/a> \u2014 which polls people with $1 million or more in investable assets \u2014 revealed on Thursday that 39% of millionaires under 40 years old aren\u2019t eating out as often because of <a href=\"http:\/\/dailywire.com\/topic\/inflation\">inflation<\/a>. Meanwhile, 36% have cut back on vacations, and 22% aren\u2019t driving as much.<\/p>\n<p>\u201cThe millennial millionaires are clearly dealing with something they\u2019ve never experienced,\u201d Spectrem Group President George Welper told CNBC. \u201cAs a result, they are changing their behaviors and spending plans.\u201d<\/p>\n<p>The survey comes as the Consumer Price Index (CPI) increased <a href=\"https:\/\/www.dailywire.com\/news\/inflation-reaches-8-6-setting-new-four-decade-high\">8.6%<\/a> year-over-year as of May, meaning that inflation hit a fresh four-decade inflation high. Though inflation <a href=\"https:\/\/www.dailywire.com\/news\/wharton-economist-warns-that-inflation-is-hitting-poor-americans-the-hardest\">especially harms<\/a> low-income and middle-income households \u2014 who spend a higher percentage of their income on day-to-day necessities like groceries, gasoline, and rent \u2014 95% of American voters believe that inflation is a \u201csomewhat serious\u201d or \u201cvery serious\u201d issue, according to a recent Harvard\/Harris <a href=\"https:\/\/www.dailywire.com\/news\/poll-95-of-voters-say-inflation-is-somewhat-or-very-serious\">poll<\/a>.<\/p>\n<p>Another concern for respondents was the housing market, with 44% of millionaires under 40 saying: \u201cHigher interest rates have caused them to delay purchasing a home.\u201d However, only 6% of millionaire baby boomers between 57 and 75 said the same.<\/p>\n<p>Indeed, <a href=\"https:\/\/www.dailywire.com\/news\/mortgage-rates-soar-to-highest-level-since-2008\">mortgage rates<\/a> are soaring to their highest levels since 2008, according to a Tuesday report from the Mortgage Bankers Association, which revealed that rates increased for all loan types \u2014 including a jump to 5.65% for the benchmark 30-year fixed rate. Through most of the past two years, rates have been below 3% and began their climb to well over 5% in early 2022.<\/p>\n<p>Interest in luxury homes, defined as the top 5% of the market, is <a href=\"https:\/\/www.dailywire.com\/news\/housing-prices-are-now-becoming-too-high-even-for-the-wealthy\">quickly declining<\/a>. Sales fell 18% from February to April 2022 compared to the same period last year, according to a report from Redfin obtained by The Wall Street Journal. A <a href=\"https:\/\/www.dailywire.com\/news\/bloodbath-on-wall-street-as-stock-market-plunges-into-bear-territory\">plummeting stock market<\/a> is likely worsening hesitation among luxury buyers \u2014 perhaps pushing them to lower their standards and compete with prospective middle-class homeowners.<\/p>\n<p>There are substantial generational gaps in terms of economic prognoses. While 90% of younger millionaires are \u201cconfident\u201d or \u201csomewhat confident\u201d in the Federal Reserve\u2019s ability to manage inflation, 38% of millionaire baby boomers are \u201cnot at all confident.\u201d<\/p>\n<p>Research shows that past experiences with high inflation make one warier of current price level increases. Unpredictable prices marked the 1960s and 1970s as the Federal Reserve failed to enforce a consistent monetary policy regime. According to a 2021 <a href=\"https:\/\/www.sciencedirect.com\/science\/article\/abs\/pii\/S0304393220300490\">paper<\/a> from the University of Chicago and University of California-Berkeley researchers, the effect of having lived through past inflationary periods can even be seen among members of the Federal Open Market Committee, which handles the Federal Reserve\u2019s monetary policy interventions.<\/p>\n<p>The Dow Jones Industrial Average fell below 30,000 for the first time since late 2020 amid the Federal Reserve\u2019s actions to tighten its monetary stimulus. Earlier this week, the central bank announced that it would <a href=\"https:\/\/www.dailywire.com\/news\/federal-reserve-takes-most-aggressive-action-to-fight-inflation-in-three-decades\">hike interest rates<\/a> by 0.75% in its boldest policy action since 1994. The move follows a <a href=\"https:\/\/www.dailywire.com\/news\/the-fed-jacks-key-rate-up-half-point-as-inflation-surges\">rate hike<\/a> of 0.5% in May \u2014 the largest such increase since 2000 \u2014 and another 0.25% rate hike from near-zero levels in March.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As the United States economy continues to show signs\u00a0of a looming recession, the middle and lower classes are by no means the only groups struggling. CNBC and Spectrem Group\u2019s most recent Millionaire Survey \u2014 which polls people with $1 million or more in investable assets \u2014 revealed on Thursday that 39% of millionaires under 40 &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1517189,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1519149","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1519149","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1519149"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1519149\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1517189"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1519149"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1519149"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1519149"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}