High earners are feeling the pain of wealth creep—and it’s leading to a new tradeoff in their spending

Some of investing’s top voices have always warned against lifestyle creep. You have Warren Buffett still driving a beat-up car and living in his modest Nebraska home; Sheraton Hotels and Purdue Farms heiress Mitzi Perdue flying economy and wearing hand-me-downs; actress Keke Palmer keeping her rent below $1,500, and the 30-year-old billionaire founder Lucy Guo shopping at Shein and driving a Honda Civic. But what you’re starting to see is the other side of this: high earners (who, albeit, may not be billionaires or millionaires) opting to forgo the small things and splurge on the big stuff.

A growing number of affluent consumers appear to be making a new kind of financial tradeoff: skimping on everyday purchases while preserving room in their budgets for travel, concerts, restaurants, and other experiences. It’s selective spending: bargain hunting for groceries or household goods and then really choosing to drop a pretty penny on a five-star hotel or a Michelin restaurant.

Erin O’Connor-Bell, director of financial planning and client experience at Aprio Wealth Management, said she sees that behavior as part of a broader shift in how consumers think about value. O’Connor-Bell, who spe...