Everything is ratcheting down a notch and the 'premium consumers' are driving all of the economy right now. We don't see contraction in overall spending because when someone suddenly is too poor to afford stuff the richer people above them are also getting poorer and changing their spending habits to pick up the slack. Walmart has noticed this and called it out in their earnings reports IIRC--they see richer people are frequenting their stores and spending more money which is making up for the poorer people that can't afford to shop at even Walmart anymore.

So you have the incredibly wealthy people that have actually gained massively as they've been able to gamble on the market in the short term--they aren't changing any habits. But the folks just below them who previously might have bought his and her matching Teslas without a second thought are now looking at their slightly diminished wealth and deciding maybe we settle for just one new Chevy Volt for now. They're pulling up the slack for the former Volt buyers who are now looking at their shrinking savings and deciding, no new Volt this year we're going to get a 3 year old used car. You can follow this ratcheting down all the way to the very bottom level where unfortunately the poorest/lowest levels are just being completely written out and dropped from the economy entirely. The big picture looks like nothing is wrong but the composition of who is spending is changing a lot.