IT was a retail juggernaut that swept through America’s shopping malls and bedroom closets, rewriting the rules of class and consumption.
But affordable luxury is not looking so affordable — or sustainable — anymore.
During the 2007 holiday shopping season, the middle-class consumers who spent the last decade splurging on $300 saucepans and $600 scarves, tightened their purse strings in the face of slipping home prices and rising energy costs.
9 comments:
Paying $200 for a pair of jeans sounds rediculous, but unfortunatley most of us have fallen to temptation more than a few times, commodity fetishism at its finest! Looks like a lot of guys are going to have to start getting creative with gifts again, because a $400 handbag may be heavier on the wallet than it was before.
It is amazing how Coach and Tiffany are able to trick the consumer (including myself) into buying their products for such a higher price then something else that is basically the same quality. This just shows how far tags and labels go, especially in Orange County where appearance counts for a lot.
Although people may be buying less of these high end products I doubt Tiffany and Coach have much to worry about because of the large profit they do recieve on the products they do sell.
-Angelina
It is amazing how Coach and Tiffany are able to trick the consumer (including myself) into buying their products for such a higher price then something else that is basically the same quality. This just shows how far tags and labels go, especially in Orange County where appearance counts for a lot.
Although people may be buying less of these high end products I doubt Tiffany and Coach have much to worry about because of the large profit they do recieve on the products they do sell.
-Angelina
I have to admit I have fallen victim to this. I love my jeans and bags and didn't realize until this article how much our culture plays with our heads. We feel compelled to buy these things and it was just recently that in the past couple of months that there was this sudden surge into all things luxury, especially with shows like Sex and the City and Ugly Betty prompting people to emulate what they see on TV and buying into the consumer mentality that the producers of these goods want us to fall into. However, with how our economy is going today, this phase of luxury may die out sooner than we thought.
I agree with Saba about shows how shows like Sex and the City and Ugly Betty are getting us to buy into this consumer mentality that the brand name is better. But I don't think it will die down anytime soon. Even in the wake of a recession, we might be spending a little less, but that's not going to stop us from spending. There are just too many people that are too brand loyal. Just take a scroll around South Coast Plaza.
-Jenny Lien
The title is very interesting, "Thinking Twice..." Why would anyone even think once? I personally have never bought a bag that was over $20. It sounds pretty funny but its true. I personally think that falling victim to the consumer fetishism is a a sign of weakness. A bag is a bag not matter who makes it, when America starts thinking purpose and not market value, it will save its consumer so many headaches.
-Janis Martinez
I personally don't care much for expensive clothing (as some of you may see this lol) and I wouldn't pay that much for any single piece of clothing. However, I see nothing wrong with it. For those who's fallen "victim" to it, it's a means to an end to gain social or cultural capital. Sometimes the investment is worth it and others not. But we fail to realize what's going on here. The companies that make these clothing are just doing what we all support and live by: capitalism. They are successful in being able to make more and more money. They have come up with a way to gain enough of a name to sell for such a price. This is what we all want to do on a daily basis because that is how we are raised. We have fallen "victim" to our own teachings about money and (I included) have contradicted what we value.
The difference between those that prefer to buy the $400 bag as opposed to the $40 bag is only the lack of money and price of homes dropping, oil prices increasing, and inflation beginning has put a little damper on people that would normally go out and buy ridiculous items. I myself buy $200 jeans a lot but that's only because style is important.
I love designer clothes and purses, especially Coach purses. It is my biggest addiction (granted I do not own more than one, which was a gift). People should be really tight on money right now, but they still fall for luxury items. I guess it's that feel good feeling you get when you feel like you have money. It dounds pathetic, but it is true.
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