Consumer spending remains the backbone of the US economy, but 2026 will expose new fractures in this foundation. The K-shaped recovery—where affluent segments thrive while middle and lower-income groups struggle—is reshaping spending patterns dramatically. High earners continue pumping capital into assets and discretionary goods, while wage stagnation weighs on mass-market demand. This divergence matters for anyone tracking macro cycles. Asset classes traditionally sensitive to consumer momentum will face headwinds from demand destruction at the base of the pyramid. Watch how this plays out: luxury spending may hold steady, but mainstream retail and services will face pressure. For investors, the question isn't whether spending powers the economy anymore—it's whose spending, and for how long.