One regrettable reason why the stock market’s wild fluctuations don’t hurt most Americans

Does this concentration of stock ownership among the rich limit the effects of stock-market fluctuations on consumer spending?

“We find evidence that spending on luxury goods largely purchased by wealthy households is highly sensitive to stock prices.” The richest people in the country have increased their share of stock ownership over the last 30 years, Struyven added.

“Four hostile newspapers are more to be feared than a thousand bayonets...” ― Napoléon Bonaparte