Rich spend, others scrimp
Economy • 5/21/11 8:08:07 am • Views: 408
The rich are back to pre-recession-style splurging: Saks Fifth Avenue and Nordstrom customers are treating themselves to luxury items like $5,000 Hermes handbags and $700 Jimmy Choo shoes, and they’re paying full price.
At Target and Walmart, shoppers are concentrating on groceries and skipping even little luxuries. BJ’s Wholesale Corp. said Wednesday that its customers are buying more hamburger and chicken and less steak and buying smaller packs to save money.
“The average shopper isn’t in the game, except for necessities,” said Faith Hope Consolo, chairman of retail leasing and marketing at Prudential Douglas Elliman. At the same time, among the rich, “Luxury products are selling like bread.”
The rich are trickling down on us again.
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