Rich People Feel Comfortable Buying Fancy Clothes Again


Not long ago, the rich abandoned shopping for luxury goods because they didn't want to seem flashy in the terrible economy, when average- and low-income folk were struggling to pay for anything at all. It was like losing five pounds: You don't really need to, but it would be nice. But now that they've put in a couple of years of good behavior — you know, laying off the $800 Louboutins, denying themselves the $1,300 Crème de la Mer skin cream — they're ready to buy that Yves St. Laurent bag in two colors, and get on the waiting list for a $9,000, sequined Chanel tweed coat. So much for all that self-restraint: They've yo-yoed so far in the other direction that stores are even able to jack up prices on many items by a couple hundred bucks. The rich just think the higher the price tag, the more worth it the item must be.

Even Marked Up, Luxury Goods Fly Off Shelves [NYT]