Non-asset owners are seeing a large drop in US consumer sentiment. Since January 2026, consumer sentiment is down -27% among the bottom 33% of stockholders, the largest decline among the stock-wealth groups surveyed. This is followed by those who do not own stocks, whose sentim

Non-asset owners are seeing a large drop in US consumer sentiment. Since January 2026, consumer sentiment is down -27% among the bottom 33% of stockholders, the largest decline among the stock-wealth groups surveyed. This is followed by those who do not own stocks, whose sentiment is down -25% over the same period. By comparison, sentiment is down just -9% among the middle 33% and -7% among the top 33% of stockholders. Asset ownership has helped offset the impact of higher living costs, leaving consumers with fewer or no stocks more exposed to the recent acceleration in inflation. Meanwhile, 1-year consumer inflation expectations rose +0.1 percentage point this month, to 4.7%, its 2nd-highest reading since August 2025. Own assets or be left behind.