By way of comment, I know quite a few people who I can classify as "seriously rich" and they aren't spending at the moment because they are afraid of what is coming.
I also note the number of fires on luxury yachts and a few other things that suggest that people who know are moving into cash. I am aware of one yacht for which the asking price was $200,000 - sold for $45,000 to put it mildly, the yacht sales business is "slow" and has been for some months. Country property/holiday house sales are also in the same category except for very high end properties in choice locations that will hold their value.