A growing number of high-income U.S. households are expressing anxiety about job security, signaling a shift in sentiment among affluent consumers. This trend could dampen discretionary spending and impact broader economic momentum.
- 43% of high-income Americans expressed job security concerns in December 2025, up from 31% in June 2025
- Unemployment rate rose to 0.8% in late 2025, with hiring slowdowns in tech, finance, and professional services
- Discretionary spending among high-income households fell 5.2% in Q4 2025
- Spending on luxury goods, travel, and high-end electronics declined 6.8% to 7.1% year-over-year
- Economic analysts warn potential GDP drag of up to 0.3 percentage points in early 2026
- Wage growth remains at 3.4% YoY, but confidence is weakening despite stable incomes
Recent consumer sentiment data reveals a notable increase in job-related worry among Americans earning over $150,000 annually. In December 2025, 43% of high-income respondents reported feeling 'somewhat' or 'very' concerned about job stability, up from 31% in June of the same year. This marks the largest year-over-year increase in job anxiety among this demographic since 2020. The shift reflects broader labor market trends, including a 0.8% rise in the national unemployment rate and a slowdown in job creation across tech, finance, and professional services—sectors where high-income workers are concentrated. While wage growth remains positive at 3.4% year-over-year, the combination of hiring freezes and restructuring has eroded confidence. Survey respondents cited concerns over company downsizing, reduced bonuses, and fewer promotions as key factors. These concerns are translating into cautious spending behavior. Data shows that high-income households reduced discretionary spending by 5.2% in Q4 2025, with declines most pronounced in luxury goods, travel, and private education. Spending on housing improvements and high-end consumer electronics also fell, with year-over-year drops of 7.1% and 6.8%, respectively. The implications extend beyond individual households. As the wealthiest segment of the population traditionally drives a disproportionate share of consumption, their shift toward caution could dampen overall economic growth. Analysts project that a sustained decline in high-income spending could reduce GDP growth by up to 0.3 percentage points in the first half of 2026.