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www.IndependentRetailer.com NEWS Luxury Spending Up
COULD THE “fabric of our lives,” cotton that is, be the reason retailers targeting the middle class experienced loss during the recent economic cri- sis? Or, is the increased cost of cotton the possible culprit of the cutback in middle class spending during the recent stock market recovery? Accord- ing to Karen Tailey of DOW Jones Newswires, it’s possible among other underlying issues that middle class consumers are saving because they are, “facing higher prices because of the greatly increased cost of cotton, as well as higher labor
and transportation costs.” On the other hand, luxury
living, luxury products and luxury spending remains un- harmed, besides a few bumps and bruises, after the economic downturn. The reason, Barbara Kahn, director of the Jay Baker Retailing Center at the Univer- sity of Pennsylvania’s Wharton School, explains in a statement to NASDAQ, “During the reces- sion, shoppers at the high-end still had money, but there was embarrassment.” The econom- ic downturn left those with money ashamed of excessive spending as others were try-
ing to make ends meet. Now, with the stock market making a recovery, many luxury retail- ers and their customers have bounced back, taking the lead from those supplying to mid and lower markets. This isn’t to say that mid market or discount
retail-
ers aren’t experiencing slight growth from this time last year. As NPR contributor, Sonari Glinton, confi rms, “Consumers spent more on retail goods in the fi rst quarter than they did during the same time last year.” However, consumers’ “frugal
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