Photo: Ali_ayers via Flickr
This would make quite a narrative.Obama announces plans to soak the rich, and then… the high end shopper gives way.
According to a very sketchily based report in the New York Post, some expect the high end shopper to give way:
Rather, spending by wealthy consumers has more room to fall than to rise this year, as a volatile stock market and a fiscal crisis in Washington dampen demand for Louis Vuitton handbags and Prada dresses, according to some retail experts.
At Saks Fifth Avenue, “sales could continue to slow” this fall after Wall Street layoffs and dwindling tourism in New York City hit business in August, says Charles Grom, an analyst at Deutsche Bank who rates Saks shares at “sell.”
Again, that’s kind of thin, though certainly the layoffs on Wall Street will have an effect.
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