America is back to the business of frivolous spending. That's the point of today's chart.Longtime DailyWealth readers know we track shares of coffee chain Starbucks (SBUX) for a read on frivolous spending in America. You don't need to spend $4 on a fancy coffee when you can make it at home for 10 cents.
As today's chart shows, America is spending money on expensive coffee again... SBUX just punched through to a new 52-week high, gaining 48% in the last three months. SBUX isn't an isolated case. The charts of many other high profile "spending stocks" look the same. Shares of Nordstrom (expensive retail), Tiffany (expensive jewelry), and Coach (expensive handbags) are soaring right now.
These charts remind us of the claim that in the event of an apocalyptic nuclear war, two hardy species would survive to inherit the Earth: cockroaches and the American consumer. For better or worse, he is spending money again.
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