My, my: The U.S. is projected to capture 26.3%* of the global gross domestic product this year – the highest in nearly two decades – making it the world’s largest economy. 

It follows then that economic activity expanded in the first three months of 2024 at 1.6%,* still lower than anticipated but propped up by spending on services (think: healthcare, financial planning, insurance). 

And there’s more on the way: Consumers are expected to spend $33.5 billion* this Mother’s Day. On average, those celebrating plan to give $254 in presents and gatherings – second only to last year’s record high of $274. 

In the meantime, here’s a take on this week’s money news. 

— The Editors

Money

🎨 Buy, buy: An unsigned, incomplete painting by Gustav Klimt sold at auction for about $32 million* – particularly noteworthy given the unclear storyline of the early 20th-century piece, including who’s depicted in the portrait and who sold it. Some 20% of consumers splurge regularly on artwork, according to Empower research, though these everyday luxuries average a more wallet-friendly $104 per purchase.

🤖 Hear, hear: It’s first-quarter earnings szn, and one thing keeps coming up – executives are talking about artificial intelligence. Between December and March, 179 companies in the S&P 500 mentioned “AI” an average of 13 times, while nine companies uttered it more than 50 times. In back-to-back calls, leaders from both Microsoft and Google* shared plans to expand their corporate interest in AI, primarily fueling their cloud computing programs, with Microsoft’s posting 31% gains this quarter and Google’s earning a $900 million profit.

👋 Choo, choo: Train company Brightline is breaking ground on a $12 billion* high-speed rail project connecting Las Vegas and Southern California, with a target completion of 2028 to ride out the Summer Olympics in Los Angeles. On the fast track: Trains will make the 218-mile trip in just over 2 hours, beating driving time by about an hour (and that’s without the near-omnipresent traffic). Ticket pricing, yet unset, is expected to be on par with the cost of gas and parking* – a core consideration for travelers who put local transportation costs (24%) among their top trip-related financial stressors.

Extra, extra! Readers want to retire early: According to last week’s poll, on average people plan to retire at age 62 – slightly ahead of the average retirement age of 65 for men and 63 for women.

Life

Home sweet home

Nearly half of parents with adult children (47%*) give them at least some financial support, providing an average of $1,384 a month, according to a recent study.

The same research found 61% of adult children living at home don’t contribute to household expenses – which can stack up with costs (utility bills, grocery receipts and the like).

One recent study found that stay-at-home parents of two kids spend about 200 hours monthly on tasks like cleaning, shopping, cooking and childcare – adding up to about $4,500* in monthly costs if outsourced in the U.S. Over 20 years, that would total $1 million in value within the American cities included in the study.

On the other side of the coin, just 18% of families consider support for aging parents in their financial planning; Gen Zers are starting earlier than other generations, with nearly a quarter (21%) already planning on it or doing so.

Work

Hub and spoke

With 86%* of American workers desiring at least some amount of remote work, flexible arrangements are changing the landscape – literally – of office settings. 

Driven by the hybrid setups, spaces are being redesigned as social destinations for informal learning and relationship building, with some next-gen offices featuring lounges for collaboration and relaxation, as well as restaurants and bars for catching up with colleagues.

This evolving layout is also giving rise to a trend known in the commercial property industry as the “hub and spoke model,” where small, residential-area offices and coworking spaces support the larger office ecosystem. The driver? A reluctance for the daily commute. With many workers in professional services now at least partially WFH, 48% say they'd be willing to return to the office if their employer offered a four-day workweek.

Play

Back again

How's this for a comeback: Vinyl records outsold CDs in 2023 for the second time since the late 1980s, with a 10%* revenue increase to $1.4 billion.

As consumer demand surges, musicians are cashing in on the trend; Taylor Swift’s latest album "The Tortured Poets Department" sold 859,000 copies* on vinyl in its debut, exceeding her previous record of 693,000 for "1989 (Taylor's Version)."

“On record” is one thing – “in real time” is another. And that’s music to the ears of fans, especially those open to going big on live entertainment (35%) while traveling this year.