Even the Wealthy Are Shopping for Discounted Goods
Aspen's peak ten days of the year are Christmas to New Year's. Shopping is a a key past-time and stores selling luxury goods abound. "Sale" is not a word you frequently see in store windows this time of year.
But, this year, shopping has been all about sales. Even the wealthy are looking for bargains and if they don't see them, taking a pass.
Wealthy Americans are re-evaluating their priorities and are slashing their spending at a rate unseen in decades — a move that could have dire consequences for the economy, luxury stores and high-end brands.
In response to the increasingly subdued shopping mood that began late last year, luxury brands are cutting their inventory, changing the assortment of products they offer and tweaking their advertising message.
The article describes three "classes" of luxury shoppers, all of whom are cutting back: [More....]