Humans spend more money between the ages 22 - 50 than any other period of life, however more money is made between 40 - 70 than any other period of life. 

On Average. 

By raising rates the government has strung a rope around the high spenders while no restraint has been put on the high earners. So the high earners have increased spending as they often have locked mortgages and can eat other sources of inflation with ease.

Now, commerce stocks like Walmart and Target are experiencing issue as the high spenders cut back and the high earners look toward flights to splurge rather than necessity. 

I think a recession of the youth is in order. At least in the West. 