I think the potential issue is the sentiment behind the stock market downturn. The current downturn is not purely a result of the broader US equities market being overvalued on a historical basis; there is a lot more going on -- and a lot more that we haven't seen in a generation or more.
Does this mean that people are more likely to splurge on a $100 card than a $1,000 card? Yes, I'd think so.
This said, I'd imagine that those who are spending upwards of $50,000 on a card probably aren't impacted psychologically in the same way (because their net worth is so high on an absolute level).
|