“Is bling over?” asks the Wall Street Journal
By Fausta WertzThe Wall Street Journal asks The Billion-Dollar Question: Is Bling Over?
As you can probably imagine, the really very rich aren’t really worried about the economy. The really very rich (as opposed to the leveraged pseudo-rich who built their fortunes on paper with debt - those guys have plenty to worry over) are worried about how they want to be seen.
This is not a moot issue:
The rising tide of anti-wealth sentiment could well affect how conspicuous the rich want to be.
In retailing, that may be a signal for a greater downturn than they expected.
The middle class and the moderately affluent have been the engine driving retail into years of success. We all wanted to show we, too, could have the status symbols, or at least the best-quality goods. But when the trend swings from ostentatious status to discreet quality while our means of purchasing them become more modest, retailers will be in for a bumpy ride that may outlast the economy’s as a whole.
At the same time, well-made quality goods will always be in demand. How strong the demand is varies with the economy, but the demand remains. Think of it as elegance vs. fashion. One endures, the other one fades.
After the dust settles from the economic mayhem (and settle it will), there are a couple of things to remember: don’t buy on credit, and in life, as in everything, aim for the best quality you can afford.
“Bling” for its own sake is never really “in”.
Tags: , economy, elegance, Fashion, Fausta Wertz, retailing, society
October 10th, 2008 at 7:58 am
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October 10th, 2008 at 12:50 pm
Bling is OVER, at least for the short term. Those that learned to manage their money have always done well but most of us do not manage well.
That means the “buying it because it caught my eye” is mostly over.
Luckily for me, I’ve lost so much income two years ago, that we’ve learned to manage, but those days of buying it because I could afford it an I want it are OVER.
Restaurants are struggling, so I’d advise anyone that has a “favorite place” to keep them in business. Leave the fast food places alone and support your favorite restaurant, so they’ll be around when the economy comes back….. and believe me…it WILL
October 10th, 2008 at 12:50 pm
There was a long period when the wealthy did attempt do be discrete. Then came the likes of Donald Trump! Now, letus hope, for the sake of sensibility and decorum, that the egotistical and gross rich do learn to be more discrete.
Cheers
Clifton
October 15th, 2008 at 11:33 am
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October 18th, 2008 at 11:09 am
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October 31st, 2008 at 6:46 pm
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