Sunday, January 24, 2010
Business Looking Up For Luxury Retailers
The article looks at luxury retailers such as Saks Fifth Avenue, Macy's, Nordstrom and Tiffany's are peforming in the current economic downturn. Surprisingly they are faring better than experts had thought. Saks, for instance showed a 9.9% gain in December store sales but the retailers are aware that the current upturn is nothing like the bull market that they were seeing before the recession. The article emphasizes that although the luxury sales market has taken an upward path since last year, people have changed how they shop and that it may never return to normal levels.
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2 comments:
This is an interesting article, as I was not aware that Luxury Retailers were actually doing fine!
They mention in this article that these consumers are walking around with insanely expensive purses guilt free...which probably isn't the case. They probably use credit to pay for these items which obviously is not "guilt free"!
I had no idea luxury retailers were doing fine either.. It could also be due to the fact that this recession and high unemployment rates have hit the lower class population the hardest. It seems as though those that could afford for example a Prada purse can still afford the purse, maybe just not as many of them. I think eventually after gaining more consumer confidence along with the remaining low interest rates, sales will return to normal.
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