Rich Buying Again, But Middle Class Still Hurting
OPS_admin | Nov 14, 2009 | Comments 0
American shoppers are splitting again: The affluent are finally starting to buy, picking up designer clothes at places like Nordstrom, while those on the lower economic rungs are still scrimping by, heading to Walmart for the basics.
Recent earnings reports from major retailers suggest that the wealthy, who pulled back their spending the hardest during the financial meltdown last fall, are once again being enticed to open their wallets and going back to higher-end outlets.
“It’s a good sign, but we don’t see the same across the board,” said Richard Hastings, a consumer strategist with Global Hunter Securities LLC.
It’s still a far cry from the era of conspicuous consumption. No matter the tax bracket, people are still focused on value and trying to avoid overspending – whatever that might mean to them.
Luxury chains like Nordstrom Inc. and Bloomingdale’s, owned by Macy’s Inc., say shoppers are spending again on items like shoes and dresses, but still shopping for lower prices and classic pieces that get a lot of use.
Full Story Rich Buying Again, But Middle Class Still Hurting.
Filed Under: Economy - Labor
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