Economic Pinch Hits The Upper Middle-Class

Economic Pinch Hits The Upper Middle-Class

http://www.cbsnews.com/stories/2008/01/12/eveningnews/main3704748.shtml?source=RSSattr=Business_3704748

t's another sign of economic doldrums - Tiffany's, the jewel of the nation's luxury retailers, is loosing its luster. Holiday sales in its U.S. stores were disappointing.

Even though Tiffany's wealthiest customers continued to spend, with strong sales for 10 to 50-thousand dollars items, one important group, the mid-tier luxury consumer, held back on the 1-thousand to 10-thousand dollar purchases.

Candace Corlett's company, WSL Strategic Retail, monitors consumer spending. She spoke with CBS News correspondent Randall Pinkston and described the factors affecting these consumers' spending.

"This holiday season with the increasing mortgage rates, the increasing fuel prices," Corlett explained, "this upper tier shopper hit the wall."
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The news media is FINALLY getting a clue but still need a reality check

The wealthy are shown stones appropriate to their wealth and those stones are turned over to top jewelry artisans to have settings designed for them.

You wouldn't want Paris Hilton to be seen in the same thing some studio exec's wife was wearing, would you?

Tiffany's is upper middle class these days. The wealthy can do better.

I could have brained him.. :eyes:

I'm sorry you couldn't buy goodies at Tiffany's this year. I bought my presents at the thrift store.

ps. got lots of extra spaghetti noodles, too, if ya' need 'em.