Monday, October 27, 2008

Ushering in the new deflation

Modern day Ozzie and Harriets:

At Roundabout New and Resale Couture, a consignment shop on the Upper East Side, manager Kristjansen Villaneuva says a woman came into the store for the first time on Wednesday saying the resale sign in the window caught her eye. Mr. Villaneuva says the customer told him she’s watching because her husband works at Lehman Brothers and their finances were a bit shaky. He says she bought an Armani pinstripe suit for $499 when buying it at a boutique would have cost her $2,500.

(20 September 2008, Wall Street Journal, As Times Turn Tough, New York’s Wealthy Economize.)


Wendy Modlin, a mother of two in New York City, says she wouldn t shop for luxuries now even if she could afford them. I wouldn’t go into a store and buy the latest handbag. It would be a horrible statement like wearing a red dress to a funeral , she said.

(13 October 2008, Wall Street Journal, Retailers Brace for Lean Holidays. )


I feel guiltier shopping in this environment, said Charlotte Houghteling, 28 years old, a New York attorney who is spending less freely as a result of the credit-market woes.

(6 October 2008, Wall Street Journal, Big Discounts Fail to Lure Shoppers. )


I found once a pair of Chanel black leather shoes, said Shannon Gallagher, a marketing manager for Simon & Schuster, as she shopped for maternity clothes at a Salvation Army thrift store in Midtown. They were like $12.

(9 September 2008, New York Times, Thrift Shops Thriving, but Running Low on Stock)


People are just being so cautious, says Roberto Annucchiarico, a Milan-based dealer. Before, collectors had to take whatever art they could get from dealers and auction houses, but now those collectors are saying, Kneel down and ask nicely.

(20 October 2008, Wall Street Journal, Not a Pretty Picture at Auctions. )

Source: Merrill Lynch

Posted at 10:38 AM in Finance | Permalink