You know what? That’s still nearly a thousand bucks more than you need to spend on a pair of pants—even a pretty nice pair of pants.
The NY Times discusses the spectrum of recent one-of-a-kind, blink-and-you’ll-miss-them deals that consumers can’t resist. Well, certain consumers anyway. The offerings include cars made newly affordable through the popular cash-for-clunkers program, as well as drastically marked-down luxury items—like rabbit-fur coats once priced at over $5,000 that sold for $1,500, and designer leather pants for $1,000, or one-third the retail price.
I suppose we all should be cheering such purchases on. As the Washington Post writes, the economic recovery will probably come only when people—certain people in particular—start buying lots and lots of stuff like they used to:
Affluent shoppers are the most important segment of consumer spending, which in turn drives the national economy. The top 20 percent of the nation’s households — with income of at least $150,000 — account for 40 percent of all spending, according to government data. That makes them a crucial spoke to any turnaround.
So rich folks, please spend more. Pay full price. Overpay even. Resume old consumption patterns, the more conspicuous the better. It’s good for the economy, and for your fellow citizens. You could use some new leather pants anyway, right?