On the heels of WWD‘s report that first lady and French pop sensation Carla Bruni-Sarkozy was doing her maternity shopping at H&M and spent 300 euros, or $423.50 at current exchange, is WSJ‘s news on a study that rich people post-recession are not nearly as snooty. They like deals too! Rich people are just like us.
Harrison Group’s annual study of the rich and shopping found first and foremost that wealthy people don’t see their Hermes the same anymore. When asked the question, “I am willing to spend more for designer brands because they are the most stylish and fashionable,” in the first quarter of 2008, 51% of respondents agreed. Three years later, 32% agree. Looks like J.Crew is just looking that much cooler.
Also, because “82% say they are happy with the way they look,” they don’t think they need designer brands to help their image. Um, is anyone looking into doing a study on over-confidence in rich people?
Lastly, “only 2% said they trust salespeopledown from nearly 50% four years ago.” Poor salespeople.
The change in outlook is Saks’ fault mostly, apparently, because, when “Saks and other stores slashed prices on luxury goods in winter 2008-2009, shoppers got an inkling of the outsized markups on $10,000 handbags.” Well, maybe a little knowledge that a handbag shouldn’t be marked up 20x its actual production costs will be good for everyone.