You must have been living under a rock for the past few years if you haven't noticed the affect the current economic slump has had on the luxury goods industry. High end retailers have been hosting sale after sale and continue to work on strategies to pull consumers onto the shop floors. Department stores, in particular, have felt the brunt as the ultra rich have scaled back on their spending - but not anymore it seems. According to The New York Times, the rich aren't shy to spend again.
Need evidence? The Olsen's crocodile backpack priced at a whopping $39,000 has already receieved orders and a Chanel coat retailing at $9,010 has sold out at Nordstrom with a major waiting list. And ithey're not just spending on clothes. Mercedes Benz recently revealed that they sold more cars in the US last month than they did in the last five years.
In a recession you would think that the lower priced retailers would be in their element but that doesn't seem to be in the case. Reports show that retailers like Wal-Mart have been forced to reduce the sizes of multipacks as families struggle to be abe to afford them.