Used to be the rich were buying up Birkin bags and sailing off on mega-yachts like it was nothing. Nowadays, the rich are rubbing elbows with the regular folks at Nordstrom Rack and Target.
A study of consumers conducted by the Harrison Group found that 38 percent of consumers with a media income of $275,000 wait for things to go on sale, up from 31 percent in 2010.
According to The Wall Street Journal, it’s likely that affluent consumers are less trusting of brands after seeing all the discounting that happened while we were in the throes of the economic recession. The Harrison Group study also found that 32 percent of respondents agreed with the statement “I am willing to spend more for designer brands because they are the most stylish and fashionable.” Fifty-one percent agreed in 2008.
Instead, the story says, the rich want exclusivity; “one-of-a-kind clothes and accessories and experiences.” So value goes a long with with wealthy shoppers also.