Thursday, May 12, 2011
Even richie-riches like a bargain now
The rich are different from you and me…we have all heard the Hemingway line.
But now, according to the WSJ, the rich are different than they used to be before this…er…disast…depress….resetting of….downturn….whatever, still ongoing.
Christina Binkley (May 12, 2011) says the high end is picking up—think Hermes, Bentley.
But many rich people (not that paltry $250K rich the president likes to cite) are now calculating how many times they will wear that designer dress—is it cost-effective?
Impulse purchases seem to be down.
These guys did not lose their houses, credit ratings, and jobs, but maybe they lost their dopiness (editorializing all mine).
In one study, 38% of those making over $275K waited for items to go on sale.
They shop the outlets, the warehouse sales, Nordstrom’s Rack.
Also, when the recession first hit, some stores like Saks slashed prices—you mean that $10,000 purse is not really worth that? Hmmm.
Brands have lost their luster.
My ex- refused to buy things on sale—it offended him. That didn’t end well.