If you asked me (which technically you are), I'd say it's the less fortunate that are feeling more of the bite of the recession. If you walked along Rodeo Drive or Fifth Avenue, you'd swear all was well with the U.S. economy. Now, off of my soap box.....
Daily, I comb the internet and magazines, and listen to all kinds of television so I can get the skinny on everything from fashionable tidbits and style trends to financial news (it affects our ability to shop and what designs designers create and what fashions retailers sell) and economic forecasts. For the last two years or so, the results have been the same ~ the U.S. is hurting financially. That said, I ran across this article on money.msn.com and someone has been tricking me/us. Some of you/us may be in dire financial straits, but let me share what the rest of the population is doing.
Spending! But the more important issue that's raised relates to what that means for you.... it means you'll continue to see more high-low collaborations (H&M and Versace, Sears Kardashian Kollection, Target and Missoni, etc); you'll see even more discounts after Black Friday and Cyber Monday; and you'll likely see more price increases in the cost of luxury goods and brands (Chanel effected a price increase of 12% +). So, get ready and stay sharp. In the meantime (for fun), here's what 'the other half' is spending on:
- Strollers like Bugaboo ... starting around $500 and going upwards of $2,000
- Specialty Bikes
- Designer fashion ... Louis Vuitton up 23, Hermès up 41%, and Chanel up 23% since 2010
- Fine Wines
- Pets ... Americans spent $55 billion on their pets in 2010 (whoa!)
- Luxury Cars ... in July, Mercedes Benz reported its highest monthly sales growth (16%)
- International Travel
- Jewelry ... Rolex sales are up 11% since last year
I don't know about you but I can't wait for this economic craziness to cease...