Global Consumption Patterns Show Convergence Between Rich and Poor Households

Summary

The article argues that global economic inequality is decreasing as spending patterns between rich and poor consumers converge. While traditional measures show rising inequality, consumption data reveals that poorer households are catching up in terms of access to goods and services. The convergence is driven by globalization, technological advances, and market competition that make products more affordable. The article suggests that focusing on consumption rather than income provides a more accurate picture of living standards and economic progress.