Lower-income earners are cutting back on essentials, while wealthier consumers maintain strong spending on dining and luxury travel, as shown by first-quarter credit card lender results. Lower-income earners cut back on essentials while wealthier consumers continued spending on dining, luxury travel, and big-ticket items. The Federal Reserve Bank of Philadelphia reported that 11.1% of card users made only minimum payments in the fourth quarter, the highest in 12 years. Lenders catering to high-income consumers have been insulated from concerns about Trump’s tariffs, inflation, and a possible recession.