High earners are feeling the pain of wealth creep—and it’s leading to a new trade-off 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 trade-off: 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 specializes in shifting behavior and mindsets around finances, leads Aprio’s financial planning department and focuses on helping clients align their financial lives with their goals and values.

“Individuals with disposable income may look for lower prices amid rising costs, but are........

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