Aspirational Consumers Spending Less
Although the super-rich are still spending money like they always do, they aren't the only ones who support the luxury market and signs seem to say that some other groups, namely the next level down, are getting a little tight-fisted with the cash. Many high-end retailers are reporting disappointing sales and drops in demand by as much as 20%, and the usually highly anticipated Christmas shopping season is looking "cloudy at best."
So far the most affected consumers seem to be households earning $50,000-$150,000, with spending suffering less as household income increases. However, experts warn that if this trend continues even the richest spenders may begin to curtail some of their habits.