Professor Mark J. Perry's Blog for Economics and Finance
1. Luxury Goods Fly Off Shelves -- "The luxury category has posted 10 consecutive months of sales increases compared with the year earlier, even as overall consumer spending on categories like furniture and electronics has been tepid. In July, the luxury segment had an 11.6 percent increase, the biggest monthly gain in more than a year." (HT: Cabodog)
Dr. Mark J. Perry is a professor of economics and finance in the School of Management at the Flint campus of the University of Michigan. Perry holds two graduate degrees in economics (M.A. and Ph.D.) from George Mason University near Washington, D.C. In addition, he holds an MBA degree in finance from the Curtis L. Carlson School of Management at the University of Minnesota. In addition to a faculty appointment at the University of Michigan-Flint, Perry is also a visiting scholar at The American Enterprise Institute in Washington, D.C.
6 Comments:
The Plutonomy was a report issued by Citigroup back in 2008/9. Basically, it said that a super-rich class at the top of the USA, Japan, Europe, Oil Nations and even China has so much wealth and income that if they invest and spend, then the economy clicks. If not, then not....
I guess we have to pander and cater to to the top 1 percent...
I am happy luxury goods are flying off the shelf. Please rich people keep on spending and investing, the rest of us don't really count for much.
Isn't it possible that consumers are buying luxury goods as a conservative investment hedge, because fancy products like fur coats & jewelry actually retain their value?
Sales in U.S. Wal-Mart stores open at least 12 months have declined for eight straight quarters
You might be a liberal if . . . you read this article and think "boy, we need to bring back that luxury tax!"
Back in 2009: Even people with extra money in their wallets aren't buying luxury items these days.
"You might be a liberal if . . . you read this article and think "boy, we need to bring back that luxury tax!"
*like*
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