The rising cost of living well

In the past few years, analysts have noted the phenomenon of Two Americas Shopping. Retailers that cater to the working class (Wal-Mart, Dollar General, Burger King) have seen sales grow below the pace of the economy at large while those that cater to yuppies, bobos, food snobs, extreme consumers, and dandies—in short, the better-off—have thrived.

But now, even as the ultrarich continue to shop as if money grows on trees, there's mounting evidence that rising inflation, slow wage growth, and higher energy prices are pinching the upper-middle class. In recent weeks, several of the publicly held companies that cater to the mass affluent have reported disappointing results.