alt Hacker NewsI don't know if it is just the wealthy either.
The retired middle class boomers I know are completely outside the business cycle.
While I don't think they have enough to really be considered wealthy, they have no mortgage payment, a social security check, a pension and most have a 401k.
The business cycle will not change their spending one bit.
It may, a bit. If the 401k is in the stock market, and the stock market is down, their total visible money is down. That tends to decrease enthusiasm for spending.