Rich folks are cutting back 💸

What Walmart sales and Rolex prices reveal ⏱

Rolex Daytona (Source: Getty Images)

You might expect high-income households to fare relatively well during challenging economic periods. But they too are changing the way they spend as inflation eats away at purchasing power.

Consider this anecdote about Walmart evolving customer mix (via CNBC):

More high-income consumers, penny-pinching

Some of Walmart’s …