About The Recession Diaries
2009
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EmailIf you’re the type of shopper who frequents Nordstrom, Saks, and Macy’s, congratulations – you’re slowly but surely making your way back to the cashier.
The AP reports on new recent earnings reports from major retailers that suggest that wealthier Americans have begun to trek back to higher end retailers…to actually spend money.
But, for those of us currently stocking up on Vaseline for Black Friday shopping we’re still not shopping the way we used to.
However, don’t be completely discouraged by the news. It seems there’s encouraging news on both ends. The AP breaks it down under two categories: spenders and savers.
If you’re a spender (co-sign a car loan for me, please) they say:
Luxury department stores like Nordstrom and Saks are starting to get more traffic. Part of the reason is that they've rolled out some merchandise at slightly lower prices, which is helping to keep the affluent from trading down to other stores.
"If they do spend, it's very scrutinized and it's very value-driven," said luxury retail analyst Robert Burke. "And they want items they can wear multiple places."
If you’re classified as a saver (no, I’m not co-signing for you) it seems:
Kohl's, a chain of midrange department stores, said more customers came into its stores in the third quarter and made more purchases, but they're still limiting their spending.
Its shoppers are on a mission for a set list of items and not straying, CEO Kevin Mansell said.
"We're not able to convince them to buy that extra thing," he told The Associated Press.
The rich even bought during the nadir of the Great Depression, so while we’re always told that if the rich are spending then rejoice there’s still no job growth. People in higher tax brackets buying new slacks can only cheer us up so much.
However, one can’t completely discount any positive sign of a surge in spending. Uh, yay…kinda.
In any event, which category do you fall under and how have you spending habits changed in recent months?
Share your shopping stories below and send your own recession stories to therecessiondiaries@gmail.com.
Also, feel totally free to offer to buy me something.
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