Is U.S. consumer spending being driven by the wealthy?

U.S. consumer spending has remained surprisingly resilient despite falling confidence levels. New research from Morgan Stanley indicates this steadiness is being driven by high-income households. The wealthiest consumers account for around 45% of total spending. As lower and middle-income groups pull back in response to inflation and economic uncertainty, wealthier Americans have sustained their spending habits. The continued spending of high-income households has helped maintain GDP growth, despite the reduced spending of their counterparts. Yahoo Finance's Julie Hyman and Josh Lipton discuss factors that could slow high-income consumers' spending power, citing factors like looming student loan repayments, high energy bills, and potential white-collar layoffs. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.