There is no question that wealth plays a role in determining consumer spending. During the great bull market of the 1990s, economists regularly commented on the "wealth effect" which caused consumers to out spend their income. Market wealth is generally defined by funds held in corporate equities and at mutual funds. There are certainly other types of wealth, but this is a close proxy for stock market wealth. The sum of these funds (coming from the flow of funds report) moves in tandem with the Wilshire 5000, a stock index that covers the entire U.S. market.
Short Term Perspective
The Wilshire 5000, a very broad measure of the stock market, rose sharply in October 2015 following declines in the two prior months tied to the global market disruptions from China's devaluation of its currency.