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Luxury Retailers are Trying to Take your Money

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When people decide they don’t need a $500 [insert fashion monstrosity here] in a time of recession, then the luxury retailers start shaking in their boots.

Welcome to the new world of luxury shopping. While wealthy consumers have the financial means to weather the housing downturn and soaring gas prices, their confidence in the economy has fallen along with the masses. Consumer confidence hit a 16-year low in May with a steep decline in particular among higher income brackets.

The shift has prompted luxury retailers to break the steadfast practice of restraining promotions to twice-a-year clearance sales and jump on board the bargain bandwagon. It’s all part of the changing American shopping landscape where Vera Wang appears at discount chain Kohl’s, Ralph Lauren shows up at J.C. Penney and Norma Kamali teams up with Wal-Mart.

[Taken from Chicago Tribune]

They know you hit up the “poor” spots and that you love stuff when they’re half off, even if you don’t need it. But we’re on to you, Luxury, with all of your soft fabrics, and vibrant colors, and beautiful designs that are so aesthetically pleasing with a rich leather smell! We’re on to you! (Please don’t leave us.)

At least clothes is cheap!


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