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Pew: The Middle Class is ‘Losing Ground’
After more than four decades as America’s economic majority, the middle class is now equal in size to the economic tiers above and below it.
Washington--After more than four decades as America’s economic majority, the middle class is now equal in size to the economic tiers above and below it, a new analysis of government data by the Pew Research Center shows.
According to the report, published just last week, the share of American adults living in middle-income households (defined as households with an income that is two-thirds to double the national median) has fallen from 61 percent in 1971 to 50 percent today.
The share of American adults living in lower-income households, meanwhile, now stands at 29 percent, up from 25 percent in 1971, while the percentage of adults residing in upper-income households has increased from 14 to 21 percent during the same time period. This means the share of American adults in the upper tier has increased more sharply (up by 7 percent) than the share of those falling into the lower-income tier (up by 4 percent).The rising share of adults in both households, however, is coming at the farthest points of income distribution, meaning the number of Americans who are among richest of the rich and the poorest of the poor are growing the most.
Also interesting to note is that, according to Pew, the youngest American adults (ages 18 to 29, part of the much-coveted-by-marketers millennial generation) have seen their share in the lower-income tier of society rise significantly.
“Thus, the closer look at the shift out of the middle reveals that a deeper polarization is underway in the American economy,” Pew stated.
RELATED CONTENT: Middle class problems
This polarization has not gone unnoticed in the luxury world.
Back in June, Johann Rupert, the billionaire founder and chairman of luxury goods conglomerate Richemont (Cartier, Van Cleef & Arpels, et al.), told Bloomberg he was concerned about the growing global wealth gap fueling social unrest and making the wealthy hesitant to purchase luxury goods that display their wealth.
“We are destroying the middle classes at this stage and it will affect us. It’s unfair. So that’s what keeps me awake at night,” Rupert was quoted as saying.
And, when polled by National Jeweler earlier this year about the reasons independent jewelry stores continue to close, one Pennsylvania retailer noted the shrinking middle class, which “has always been the bread and butter of the independent jeweler,” among his reasons.
To view Pew’s entire analysis, which delves into
how the various demographic groups within each income strata have fared, visit PewSocialTrends.org.
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