Bentleys and Hermes bags are selling again. Yet the wealthiest Americans are emerging from the financial downturn as different consumers than they were.Lyndie Benson says she now mentally calculates the "price per wear" of designer clothing. As the wife of saxophonist Kenny G, Ms. Benson, a photographer, can afford what she wants. She used to make a lot of impulse purchases, she says. But when shopping in Malibu, Calif., recently, she stopped herself before buying a gray Morgane Le Fay suit she'd tried on. "I walked outside and thought, 'Hmmm, I don't really love it that much,'" she says with contentment.
What I found particularly interesting was the graphic showing the seemingly healthy changes in the attitudes of the rich:
-Coupon usage and waiting for items to go on sale have both increased by 20%.
-20% fewer rich people say they think brands say something about them.
-35% fewer consumers out of the affluent feel the need to spend more on designer brands.
-In a new survey by Harrison Group, researchers found that Target and Costco are the favorite stores of the new affluent.
So for all of the affluent folks who have been criticizing me over thrift, I just wanted to thank you for coming around to my views by shopping at Target, using coupons, and shopping around.
And for all of those affluent shoppers out there- how do you think the recession has changed your spending habits?
I personally stopped buying Isaia suits, opting for the less indulgent Canali.... and must say I feel like I'm single handedly turning the notion of Wall Street excess on its head.
There's something both humbling and satisfying about bringing yourself back down to earth sometimes.
Conspicuous consumption is so 2006, these days the real players are talking about how they're tightening their purse strings. I personally opted for the less expensive purse without strings.
I guess $275k is the NKI?
Thrifty is the new black. Most money I spent in one sitting in the last six months was $300 on skydiving. Experiences trump "stuff" any day of the week.
Anyone else know who posted this without having to look?
Yea, but I see that as a good thing. Thanks for the article, Illini.
I'm wondering how the recession affected the Paris Hiltons of the world.
I hear she is doing another reality TV show with Nicole Richie called "The Frugal Life." She is now downscaling to shopping at Lord & Taylor and is occasionally flying first class rather than on a private jet.
I'm a pretty thrifty guy, all things considered. But if I were accustomed to flying private and all of sudden had to fly commercial (even first class), I'd kill myself without a second thought. True story. Some things in life you just can't bear to lose.
The last time I flew commerical was pre 9/11, since then ive never had to but I hear is a nightmare.
Great story.
Or at least defecate in my abandoned house, a la Lenny Dykstra
Costco rocks. I just bought 500 Snickers and ten pounds of sirloin steak for $60. Now if only they sold booze and bullets.
New York Costcos don't sell booze???
Drinks in general are no cheaper at costco then they are anywhere else.
Last time I bought liquor at Costco (~1-2 years ago?), I bought two handles of Grey Goose for $35 each... maybe $40 with tax. Might be regionally-dependent
People have started flying their kids with them in business... This is killing it for me - avoiding other people's kids is THE best reason for flying business.
Oh that and the fact you actually get treated like a person by the airline and you can skip nearly all the pre-flight checks. Better hope the terrorists are all flying economy!
I have never flown business in my life. Whenever possible, I try to avoid flying.
Think someone did the calculations once and demonstrated that it's cheaper to fly your own Cessna (~25 mpg + maintenance + storage + cost of capital) than to fly business class in the continental US if you do it on a regular basis.
Well, the day you can fly a Cessna drunk or cross-country, I may consider that option. For the moment, I'll take the complimentary drinks in business class and call it a day.
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