Agree, I think the income and wealth gap are bigger contributors to many of the shifts in consumer habits. Some is due to experiences and stuff you can take pictures of being in vogue, but given the opportunity, people will choose to show status. They just can't afford to since they have less now.

I wish there were stats showing different segments of the market, but in a simple observation, look at the declining results of mid market retailers (even online). You have luxury doing okay, like Nordstroms, but nothing else until you get to the much lower priced brands.