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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If we don't change our ways soon...
A new report by the Royal Society, chaired by Nobel prize-winning biologist Sir John Sulston warns that world population must be stabilized and consumption in wealthy nations must be reduced or the entire planet is in big trouble. As the report reads: "The number of people living on the planet has never been higher, their levels of consumption are unprecedented and vast changes are taking place in the environment. We can choose to rebalance the use of resources to a more egalitarian pattern of consumption... or we can choose to do nothing and to drift into a downward spiral of economic and environmental ills leading to a more unequal and inhospitable future."This is the same warning that President Jimmy Carter gave Americans back in the 1970's - but it was ignored when Ronald Reagan came to power with a "more positive" message basically telling Americans we can do whatever we want. And then after 9/11 - Bush told us all we should go shopping and consume ever more.And now with corporations calling the shots in Washington - long-term sustainability of the planet takes a back seat to short-term profits. If we don't change our ways soon - and embrace clean, alternative energy and educate women around the plant - then we all could be headed for a rough century.-Thom(Is there any chance we will learn in time? Tell us here.) -
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