UBS On-Air: Paul Donovan Daily Audio 'The hedonism of the US consumer'

When the economic history of the early 21st century comes to be written, the opening sentence in a bold font should be “never go short the hedonism of the US consumer”. Middle-income consumers have lower inflation than consumer price data implies, giving them more spending power. Historically, this would have sent them flocking to the shopping mall—nowadays, they are spending enough at Taylor Swift concerts to reportedly make the singer a billionaire.