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Fortune reports on the sacrifices rich folks are making in these tough times. The magazine cites declines in bookings at high-end hotels, sales of steak, golf clubs and yachts, and even a downward trend in individual pilates lessons. Don’t the wealthy know it’s their duty to prop up the economy with $398 Coach doggie bags? The other day at Nordstrom — where sales declined by 5 percent last year — the sales lady validated my slightly impulsive purchase by cheering “you’re helping support the world economy!”
And if you think this little dip means you’ll soon be able to afford a Louis Vuitton fanny pack, think again. Luxury manufacturers are apparently responding to this crisis by rebranding themselves as “elite” and charging even more.