Affluent Americans curb luxury spending

Affluent Americans went back to tightening their belts in June after months of showing other shoppers how to spend, raising concerns for the overall economy.

Data released by MasterCard Advisors’ SpendingPulse shows luxury spending dropped in June for the first time since November.

After a surprisingly solid start to the year, overall spending has also slowed in recent months and analysts are concerned that shoppers will remain tight-fisted through the crucial holiday season.