A consulting firm – Bain & Company – projects a dismal year for merchants who sell luxury goods. According to this analysis, it won’t be until 2012…before the luxury-goods markets fully recover from the economic downturn.
Claudia D’Arpizio, a partner and luxury-goods expert with the firm, anticipates a wave of consolidations – as businesses merge to survive. She says luxury chains like Saks are reporting same-store sales 27 percent lower than last year. And it’s not just here in America. She forecasts a 10 percent decline in luxury spending worldwide. Upscale stores have also cut their orders for the upcoming holiday season, so don’t expect to see large discounts at Christmas. For the luxury consumer – the news is bad. And it’s going to stay bad.
Now, this has to make liberals happy. The hated rich are finally taking it in the shorts. They’re not spending as much, and when they do spend, they purchase fewer items. You can bet – unlike the government “rich” –they’re not taking a private plane up to New York for a theater and dinner date… or flying the wife and kids to Paris – so they can enjoy a shopping spree.
Of course, when the non-government rich don’t buy, manufacturers suffer, unemployment grows, the economy flat-lines…but what the hell – that’s a small price to pay for finally getting even with’em. Isn’t it?
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