There has been a definite slow down in the spending habits of the average American consumer this holiday season, and although the super rich weren't predicted to be affected the modestly rich, or "aspirational consumers," were another story. They were expected to slow down with the rest of us, and it seems those predictions were right on. Some of the biggest retailers catering to both the very wealthy and the merely "well-off" are making note of major slow-downs -- and even a loss of some of their customer base as many of their lower-income clientele retreat from stores like Neiman Marcus and Nordstrom to Kohl's and JCPenny's.
Are you spending less this holiday season?
Reader Comments (Page 1 of 1)
12-11-2007 @ 1:05AM
Jay Hall said...
Personally, I like a variety of stores to choose from. My opinion is consumers are using a variety of stores to do shopping. There is not as much consumer faithfulness left to buy at one exclusive store. Online shopping has helped consumers find and compare items of interest easier. The bottom line is the competition is fierce and change is important to survive, even for the well known.
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12-11-2007 @ 1:30PM
Ruling class? said...
I think the well-known don't really have much to worry about. Everything seems to be separating into two classes: brand and commodity. All brands are status symbols, if they are brands at all.
If anything, aspirational brands should raise their prices to attract more sales.
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12-11-2007 @ 1:31PM
Ruling class? said...
I think the well-known don't really have much to worry about. Everything seems to be separating into two classes: brand and commodity. All brands are status symbols, if they are brands at all.
If anything, aspirational brands should raise their prices to attract more sales.
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