New York—Ah Labor Day, the last gasp of summer before the craziness of fall (i.e. New York Fashion Week) starts.
Maybe because it was so close to the end of August, but the past week has its share of craziness too.
Retail earnings continued, mostly disappointing as Q2 results often missed estimates. There were exceptions though. On the high end, Tiffany & Co. reported better-than-expected results with a strong showing in the Americas. Then on the lower end, Foot Locker bucked the general retail trends, reporting record results.
The Middle Class isn’t the only consumer group that is being cautious in consuming. According to the latest stats from Unity Marketing, the very wealthy are keeping their purchase low key.
“Ultra-affluents…are turning to inconspicuous consumption. They are confident enough to pay premium and luxury prices, but they don’t want to make a spectacle of their wealth. So their spending is going under-cover toward purchases that are private, like things for their home, or less showy, such as brands with subtle logos and markings, or to luxury purchases made online where the Fedex truck delivers the goods and nobody sees them walking down the street with a Neiman Marcus, Barney’s or Bergdorf Goodman bag.”
Take a look at the sometimes zany but always important top 10 online articles of the week…and enjoy your Labor Day in peace: