I was going to just link to this article with no added analysis because shopping trends and people's tastes are things that we should all be aware of. Essentially, the Times reports that department stores are making a comeback after years of decline due to a new sense of style. Part of that style has to do with improving the shopping experience (wider aisles, more luxurious fitting rooms) and partly because they're stocking the premium fashion labels shoppers seem to have a taste for again. OK, good to know.
But then I ran across this article from the USA Today which says premium luxury cars are poised to outpace growth of any other car segment over the next five years and an obliquely related article also from USA Today regarding the trend of upgrading your car using fake insignias purchased off ebay.
So I'm trying to figure out how all this might be related and what it all means.
The luxury car market analysts are quoted in the USA Today article as saying "We think customers are more and more going to recognize that it's nice to be seen in a good car," and "Blame it on vanity. Image is cited as the primary factor for about half of all luxury vehicle sales."
Hmm... department store shopping, luxury cars, logos, image and vanity... Sounds vaguely familiar.
And then I read this article in the Times over the weekend about big bonuses on Wall Street and how the merely rich are trying to keep up with the super rich.
And then it occurred to me. We're living in the 1980's again! We have a Republican President, Democratic Congress, 80's music being played at restaurants, bars and retail shops, teenagers walking around in pegged pants, Mr. T on television and everybody's driving around like they're Thomas Magnum.
So are we back to conspicuous consumption after our post 9-11 "back to basics" movement? The Times article reports sales are down at basics retailers like GAP and Old Navy. Are people showing off their wealth loud and proud again? On the other hand, maybe conspicuous consumption never went of of style and I just ignored it.
I putting my wife's Swatch watches on eBay and getting ready for the the re-release Beverly Hills Cop.
BTW, the article on luxury car dealerships says that there are three types of luxury car buyers: Upper Upscales who buy the top of the line Mercedes, Performance Addicts who care about the mechanics of the car, and Rich Rebels (rich people who demonstrate their independence by buying atypical luxury cars like Acura). Something to remember for that upcoming new business pitch.
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