Lowest-income families spend 40% of their money on what economists label luxuries

Lowest-income families spend 40% of their money on what economists label luxuries

It turns out that all Americans, regardless of income, spend a large percentage of their income on what economists categorize as luxuries. People who make the most money spend the biggest chunk of their incomes on luxury goods, but even the poorest households spend a significant amount on luxuries, according to an analysis released recently by Deutsche Bank Research.