The Obama - Clinton Disaster Message Board

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Politics : The Obama - Clinton Disaster

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To: GROUND ZERO™ who wrote (15261)	7/13/2009 3:06:21 PM
From: puborectalis	Read Replies (1) of 103300

In a recent Unity Marketing survey of consumers with incomes exceeding $250,000, 60 percent said their financial situation had deteriorated; 39 percent said bonuses or commissions had been cut; 29 percent said their regular income had been reduced; 8 percent said they'd lost their jobs; and 4 percent said their hours had been reduced. Even with a partial stock-market rebound, many of America's most affluent feel vulnerable to layoffs and lost income, just like other Americans. "This has been an equal-opportunity recession," argues Pam Danziger of Unity Marketing. Collateral damage is widespread. Sales at luxury chains have fallen sharply; same-store revenues for Saks Fifth Avenue and Neiman Marcus dropped about 25 percent in recent quarters. Many country clubs are struggling to hold members. In New York's Hamptons, unsold homes reached a 34-month supply early this year at the prevailing sales pace; buyers had hibernated. Economist Susan Sterne, a specialist in consumer spending, calls it "the demise of luxury... the people who buy $3,000 Gucci handbags. You see it in the luxury-car market and housing."

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