Kelley pointed me to the The Recessionista blog recently linked in the NY Times. I scanned through MH's posts--she clearly seems to know how to find a bargain--but she doesn't capture the mood I'm sensing in consumers. Maybe it's a West Coast thing; after all, we are somewhat fashion impaired out here. But most women I know aren't looking for a bargain. They simply aren't looking at all.
It's easy to find close-in parking in any of the large malls or shopping strips. The stores are so empty your footsteps echo. Helpful salespeople surround you within minutes, dismayed when they see you're there to make a return. At one retailer I saw Halloween, Thanksgiving and Christmas goods all out on display together, as though they didn't want to risk losing a customer by not having the right season available.
You'd think this would be depressing--and certainly the financial side of it is. But a fall-off in consumerism has positive benefits. The "let's pretend we're rich" shopping behavior of past years was stressful because it was not sustainable. At some level most of us are relieved that we can sit out this Fall's round of acquisition. Buying the perfect blue sweater only to find a nearly identical one in your closet did not make any woman feel like a genius, even if it was on sale. Buying carefully, and slowly, suddenly feels virtuous. Likewise, being forced to use what you've got tends to push creativity: I put together an outfit last week that I'd never worn before, even though I've had all the pieces for years. Maybe that means I'm a recessionista, but I prefer to think it means I'm normal.
Hi There,
I appreciate your perspectives, but consider this fact. In a recent press release, PPR, the company behind Gucci Group and Puma, saw third quarter sales rise 1.7% to €4.9 billion (£3.67bn). Comparable sales rose 1.8%.
http://www.drapersonline.com/womenswear/news/2008/10/ppr_reports_q3_sales_uplift.html
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The strong third quarter performance puts PPR's sales for the first nine months of the fiscal year ahead 8% at €14.5bn (£11.6bn). This equated to a rise of nearly 4% on a comparable basis.
The performance was driven by strong sales across Gucci, Yves Saint Laurent, Bottega Veneta and Puma. Balenciaga recorded a "high level of growth" while Alexander McQueen and Stella McCartney maintained double digit growth.
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So here we are in the midst of a recession, and yet its a fact that this luxury retailer is seeing sales grow. Why you might ask? I will always maintain that for women, fashion & dress is linked to ALOT of more than income & spending. Women are still judging my appearance more harshly than men, and thus they will be more incented to content to spend on clothing & upkeep. Even in a downturn. Witness the recent spending by Sara Palin to maintain a certain image.
So its a double edged sword I think....
Just a few thoughts from out here in LA.
MH
The Recessionista Blog
http://therecessionista.blogspot.com/
Posted by: Mary Hall | October 28, 2008 at 03:58 PM