If youre the type of shopper who frequents Nordstrom, Saks, and Macys, congratulations youre slowly but surely making your way back to the cashier.
The AP reports on new recent earnings reports from major retailers that suggest that wealthier Americans have begun to trek back to higher end retailersto actually spend money.
But, for those of us currently stocking up on Vaseline for Black Friday shopping were still not shopping the way we used to.
However, dont be completely discouraged by the news. It seems theres encouraging news on both ends. The AP breaks it down under two categories: spenders and savers.
If youre a spender (co-sign a car loan for me, please) they say:
Luxury department stores like Nordstrom and Saks are starting to get more traffic. Part of the reason is that they’ve rolled out some merchandise at slightly lower prices, which is helping to keep the affluent from trading down to other stores.
“If they do spend, it’s very scrutinized and it’s very value-driven,” said luxury retail analyst Robert Burke. “And they want items they can wear multiple places.”
If youre classified as a saver (no, Im not co-signing for you) it seems:
Kohl’s, a chain of midrange department stores, said more customers came into its stores in the third quarter and made more purchases, but they’re still limiting their spending.
Its shoppers are on a mission for a set list of items and not straying, CEO Kevin Mansell said.
“We’re not able to convince them to buy that extra thing,” he told The Associated Press.
The rich even bought during the nadir of the Great Depression, so while were always told that if the rich are spending then rejoice theres still no job growth. People in higher tax brackets buying new slacks can only cheer us up so much.
However, one cant completely discount any positive sign of a surge in spending. Uh, yaykinda.
In any event, which category do you fall under and how have you spending habits changed in recent months?
Share your shopping stories below and send your own recession stories to email@example.com.
Also, feel totally free to offer to buy me something.