11
Jan
2008
High-End Luxury Spenders Are Leaving Home Without Credit Cards
Posted by Steve Rhode as Economy
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Apparently our high-flying, high-spending luxury shopper friends are feeling the credit crunch as well. High-end retailers in a deluded desire to fuel their businesses on the backs of people that don’t know when to stop, have found that even high-spending impulse buyers see the economic light.
According to a new Business Week article, “Everyone’s shopping for the bare necessities, and people have stopped treating themselves,” says Patricia Pao, founder of the Pao Principle, a New York retail consultant.
“Holy Crap Retailer Man.”
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Steve
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