Chanel Thigh Boots

Luxury consumers shrug off economic doldrums

Nordstrom has a waiting list for a Chanel sequined-tweed coat with a $9,010 price. Neiman Marcus has sold out in almost every size of Christian Louboutin “Bianca” platform pumps, at $775 a pair. Mercedes-Benz said it sold more cars last month in the United States than it had in any July in five years.

Even with the economy in a funk and many Americans pulling back on spending, the rich are once again buying designer clothing, luxury cars and just about anything that catches their fancy.Luxury goods shops, who got much worse than other retailers in the recession, the recovery is more than - they are zooming. And many companies high end are even able to score, rather than discount, the items to attract customers who equate quality with price.

"If a shoe designer rose from $ 800 to $ 860, who notices?" Said Arnold Aronson, managing director of retail strategies at the consulting firm Kurt Salmon and former chairman and chief executive of Saks .

The rich are not spending quite as they were during the free-wheeling period before the recession, but they are getting closer to that level.

The luxury category has posted 10 consecutive months of sales increases compared with the year earlier, even as overall consumer spending on categories like furniture and electronics has been tepid, according to the research service MasterCard Advisors SpendingPulse. In July, the luxury segment had an 11.6 percent increase, the biggest monthly gain in more than a year.

What changed?Above all, the stock market, retailers and analysts, and much of the psychology of shopping. Even with the sharp decline in stocks during the past week, the Dow is up about 80 percent of its low in March 2009. And nowhere with the overall economy close to its recession low, buying nice things cheap is back in vogue for those who can afford it.

"Our business is very closely related to how the market performs," ​​said Karen Katz, president and CEO of Neiman Marcus Group. “Though there are bumps based on different economic data, it’s generally been trending in a positive direction.”

Caroline Limpert, 31, an entrepreneur in New York, says she is happy to spend on classic pieces, like the Yves Saint Laurent tote she has in both chocolate and black, but since the recession, she is avoiding trendy or conspicuous items.

“Overall, you want to wear less branded items,” she says. “If you have the wherewithal to spend, you never want to be showy about it.

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