Luxury Spending May Not Result in a Luxury Lifestyle

by Nicole Weston (RSS feed)
Oct 22nd 2006 at 2:07PM

It seems that we have a disconnect between luxury goods and luxury living. Anne Metz, from Styledash, noted that a study by Jane Magazine found that women 20-29 spend almost 50% of their disposable income on luxury fashion items, including handbags, clothing, cosmetics and jewelry. Carlos Lamadrid, vice president and publisher of Jane, pointed out that many of these women are "children of the affluent baby boomers" and grew up expecting and appreciating luxury goods. 84% said that they had no problem with living beyond their budgets.

We hate to be the ones to break it to Mr. Lamadrid, but an appreciation of quality and style isn't worth all that much if you are living so far beyond your means that all of your "good taste" gets repossessed when you can't pay off your debt.

Tags: credit card, CreditCard, debt, pay, shopping, spending, women, young women