Wealthy Trimming Spending In Hard Times

New York Economy The rich are also feeling the squeeze of a
struggling economy.

by Associated Press

Published: Tue, December 23, 2008 - 6:37 am CST Last Updated: Tue, December 23, 2008 - 6:41 am CST

NEW YORK (AP) - The rich are also feeling the squeeze of a
struggling economy.
A data service called SpendingPulse says luxury sales during the
first week of December fell 34.5 percent compared to a year ago.
And they were down 23 percent in the five weeks ending Dec. 6.
A luxury consultant says it's the "reality of where people's
bank accounts and investment portfolios are."
But don't expect to see the rich bargain-hunting with you at
Wal-Mart. They may be spending less, but they still want the best.
Instead of buying six pairs of $700 shoes, they'll buy two.
Luxury brands are responding by cutting their inventory,
changing the assortment of products they offer, and tweaking their
ads. The diamond company De Beers has a new ad suggesting "Fewer,
better things."

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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DEW26M Says:

Tue, Dec 23, 2008 at 11:39 am

“She’d” NOT “She’s ”

DEW26M Says:

Tue, Dec 23, 2008 at 11:38 am

“Instead of buying six pairs of $700 shoes, they’ll buy two.”
__
While I’m not rich, even if I were, and my wife came home with EVEN ONE pair of $700 shoes, I can tell you where she’s have to pull them out of!