Pam Danziger News
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Jennifer Prentice, a medical- equipment saleswoman in Minneapolis, once had no qualms about dropping $600 or more for Gucci purses. Now she spends $300 for Coach Inc. bags and is filling in her Burberry wardrobe with pieces from J. Crew.
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Mac McKay entered this year ready to spend after sales at his flower shop in Arlington, Virginia, rebounded. He planned to take his first vacation since the recession and start a $30,000 kitchen renovation.
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When stock markets tumble, wealthy U.S. shoppers typically cut back their visits to such luxury emporiums as Saks Inc. and Nordstrom Inc. Yet even as the markets have seesawed, they’ve kept right on spending.
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The top three luxury auto brands boosted U.S. sales in June as high-end car companies and dealers added Ann Taylor shoppers to their Gucci-loving loyalists.
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The nearly rich aren’t spending nearly as much as the wealthiest Americans on luxury brands.
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Tumi Holdings Inc., the designer of black-nylon luxury travel bags, is seeking as much as $300 million in an initial public offering as retailers of higher- priced goods outpace the rest of the industry.
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Sarah Greenberg, a jewelry designer in Oakland, California, used to craft half of her collection from gold. Now, she doesn’t even carry pieces made from the precious metal in stock.
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The stock market’s 13 percent plunge since July 22 may mean lower sales for high-end retailers such as Tiffany & Co. and Neiman Marcus Group Inc.
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Retailers are starting to pay the price for a discounting binge that was deeper and longer than ever -- especially stores that cater to middle-income shoppers.
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The Made-in-America label has undergone a deluxe makeover. Everyone from Brooks Brothers to the Olsen twins is using it to hawk luxury goods, a tactic made popular by blue-collar brands such as Levi Strauss & Co. and Chrysler Corp.
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