Tightening Your Gucci Belt

Fortune reports on the sacrifices rich folks are making in these tough times. The magazine cites declines in bookings at high-end hotels, sales of steak, golf clubs and yachts, and even a downward trend in individual pilates lessons. Don’t the wealthy know it’s their duty to prop up the economy with $398 Coach doggie bags? The other day at Nordstrom — where sales declined by 5 percent last year — the sales lady validated my slightly impulsive purchase by cheering “you’re helping support the world economy!”

And if you think this little dip means you’ll soon be able to afford a Louis Vuitton fanny pack, think again. Luxury manufacturers are apparently responding to this crisis by rebranding themselves as “elite” and charging even more.

This entry was posted on Monday, April 7th, 2008 at 4:13 pm and is filed under Shopping. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.