Economics: Why Did The Rich Cut Spending More Than The Poor?

 (Drivebycuriosity) - It seems that the media has always something to complain about "The Rich". The New York Times laments "The Rich Cut Their Spending. That Has Hurt All the Workers Who Count on It. The steepest declines in spending during the coronavirus recession have come from the highest-income places" ( nytimes). And CNN whines "Rich Americans cut their spending, and that hurt low-income jobs" (cnn ).

I wonder in which world these journalists live. Here in Manhattan, where I live, are all restaurants closed where "The Rich" usually go for fine dining and spend (a part of) their money. But the fast food dives in my Lower East Side neighborhood are all open for take out. "The Rich" are missing the chef created tasting menus (for more than $200) and have to do with some  tacos or a pizza for less than $10. A lot of saving!

The shops which offer fashion, furniture, fine cutlery and other expensive things the "Rich" like to buy are closed. And so are the Apple & Microsoft shops. But the Walmarts and Trader Joe´s are still open. A lot of saving - for the moment. The Rich like to travel business class and to stay in expensive hotels. Closed! So are the spas! More saving.

In the moment "The Rich" cannot spend their money as they want, in German the phenomena is called "Zwangssparen" (forced saving). Does the New York Times really pay so bad that their scribblers don´t know about these things?