What recession? Luxury goods are booming
High-end products are still selling well despite economic uncertainty.
CNBC reports luxury goods targeted to wealthy shoppers are selling briskly. The percentage of the population that apparently has shrugged off any recession is buying enough Christian Louboutins for all of us. The average transaction amount, by the way, at Christian Louboutin's Dallas store is just over $1,108.
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Some luxury-goods stocks are also faring well this year. Retailer Michael Kors (KORS) debuted last week at $20 a share and saw shares close up 21% in the first day of trading. The stock was trading Tuesday above $25. Take that, Zynga (ZNGA)!
Macy's (M) has risen 25%, and Ralph Lauren (RL) is up 23%.
But other stocks in the sector are flat for the year, including Coach (COH) and Tiffany (TIF).
A lot of this is our fault. The movie stars, rock stars etc, make big bucks because we are dumb enough to pay high prices to see their movies and go to their concerts. The same goes for the pro athletes... they are way over paid. An average family can't afford to take their children to see a ball game.
In a way we are just as foolish as the people who buy $15K purses. The stars are laughing at us all the way to the bank also. We need to smarten up and stop making these people rich.
Unbelievable and Unconscionable ...
We have 17 million unemployed, 22 million underemployed, 51 million on food stamps, 4 million foreclosures, 1 million homeless, boarded up stores, shopping centers and factories... and we have the 1%, the uber-rich, rubbing it all in our faces. $ 15,000 for a handbag? ... give me a break! I've been unemployed for two years, and had another interview just today. I did not have a decent pair of dress shoes, and consider myself fortunate that I found a pair of gently used loafers at Goodwill for $6.99 .. and that is the only personal thing I have bought for myself this entire year. I know I am not alone by any measure but I'm so tired of trying to decide every day whether or not to put a few gallons of gas in my 13 year old car or to buy a small bag of groceries so I can eat. This has truely become a nation of the haves and the have nots .. an absolute caste system based solely upon one's financial situation. Disgusted.
Peace to all
Oh yeah, instead of buying everything from mommy and daddy credit cards how about going back to elementary and learn how to spell buy instead of "by". And while you at tell your parents to put you back in private school because you are going to waste us taxpayers money.
Pattyfied..... You have the right idea. Our factories are all overseas. All we produce here are rich
executives. But producing products here again is only half the answer. We as Americans have to start buying USA made again. Too many people in this country opt for the cheap product over quality. I got a gift of 3 wrenches last year for Christmas (china made). One has broken already, the other two are difficult to use as they are poorly made. I bought a very used made in the USA wrench at a flea market sale this summer. Best wrench I have ever owned. We vote with our purses/wallets.
Derek Rose of the Chicago Bulls is expected to sign a $94milllion 5 year contract with the Bulls today. This is INSANE ! I doubt if Michael Jordan made this much during his entire career ( not counting endorsements) The fans paying these kinds of salaries is as nuts as buying a $15K purse. Like I said in a earlier post ... WE are at fault for this ...STOP making these people rich ... don't go to these games, movies and concerts ... give the money to the poor and stay home and wait for the movies to come out at Red Box . Smarten up everyone !!!
The wealthiest one-tenth of 1 percent receives an astonishing 12.3 percent of national income (that is .01% receiving 12.3% of all U.S. national income). And when you look at assets, it goes much higher. Currently, the richest 1 percent hold about 38 percent of all privately held wealth in the United States (Hurst, Charles E. Social Inequality: Forms, Causes, and Consequences).
Statistically, the top one percent are becoming wealthier even as the working and middle class become poorer. The Gini Index tells the story.
The wealthy can buy a great deal of this as they are prospering from the sellout and decline of America.
Google Help FIx America First for more information on how that is occurring.
I don't think Barneys has a nickle to her name. I think she is just a sh-t stirrer .
Why on earth would she spend 1/2 the morning posting if she were really daddys "little rich girl". IF she were so rich you'd think she'd be out spending all that money, instead of sitting here bragging .
and Chloe ... yes you are correct , about spending keeps the economy going .. however spending $ 15K on a purse just makes an outrageous goof ball designer more rich. (some of these designers remind me of "mad scientists") Instead divide that $15K and spend it at small businesses is what would be really helpful to the economy.
You know , I had a friend once that had to always be on top with the fashions ,style and keeping up with the Jones'. If someone told her that wearing a pile of poop on her head was the style, she'd do it. Today she has nothing because she's been through 3 husbands who couldn't afford her. Now she is S O L and barely able to afford an apartment and a clunker car. She did it to herself and I have no pity on her at all.
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