The Haute Hangouts
Thursday, May 15, 2008
By Cecily Hall
The top 12 department stores and mass-discount stores favored by wealthy consumers.
Wealthy consumers appreciate a bargain in clothing and fashion accessories, according to Stevens, Pa.-based Unity Marketing. “A ‘less is more’ approach is emerging among these consumers — rampant materialism is on the decline,” amid heightened concerns about the economy, president Pamela Danziger said. “This will place competitive pressure on luxury companies and retailers as they face a newly resistant affluent consumer with a mind-set to hold onto their cash.” The firm has released its Luxury Report 2008, which analyzed where wealthy shoppers said they spent their dollars in 2007. About 2,000 respondents with annual household incomes of $150,000 and more were surveyed. Results showed mass-discount and midtier department stores dominating the top 12.
Wealthy consumers appreciate a bargain in clothing and fashion accessories, according to Stevens, Pa.-based Unity Marketing. “A ‘less is more’ approach is emerging among these consumers — rampant materialism is on the decline,” amid heightened concerns about the economy, president Pamela Danziger said. “This will place competitive pressure on luxury companies and retailers as they face a newly resistant affluent consumer with a mind-set to hold onto their cash.” The firm has released its Luxury Report 2008, which analyzed where wealthy shoppers said they spent their dollars in 2007. About 2,000 respondents with annual household incomes of $150,000 and more were surveyed. Results showed mass-discount and midtier department stores dominating the top 12.
