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  1. #1
    Rising Bag Star swtcaro's Avatar
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    Default Article on "hiding" wealth

    I've seen comments in other threads about feeling guilty for carrying a designer bag in this declining economy. I thought of that today when I saw this article, which mentions designer handbags. What do you think? -C

    (Sorta) Feeling the Pinch--Yahoo! News
    (Sorta) feeling the pinch


    As businesses cut back on employees and perks and households rein in spending and travel, it seems most of America is getting used to making do with less ó even rich people. After muddling through his tax woes, newly appointed Treasury Secretary Timothy Geithner was recently spotted buckling up in the coach section of his flight. As far back as June, before the economic crisis truly became epic, The New York Times reported that small changes in lifestyle were becoming increasingly necessary ó if not yet popular ó among the well-off.


    So New York's very wealthy are addressing their distress in discreet and often awkward ways. They try to move their $165 sessions with personal trainers to a time slot that they know is already taken. They agree to tour multimillion-dollar apartments and then say the spaces donít match their specifications. They apply for a line of credit before art auctions, supposedly to buy a painting or a sculpture, but use that borrowed money to pay other debts.

    But these days, it's cool for anyone to pay less. In fact, as David Brooks points out, you might be mocked (and forced to make amends) if you don't:


    First, there were those auto executives who didnít realize that it is no longer socially acceptable to use private jets for lobbying trips to Washington. Then there was John Thain, who was humiliated because it is no longer acceptable to spend $35,000 on a commode for a Merrill Lynch office suite.

    The, ahem, problems the rich now face highlight how the recession has spared so few sectors: McMansions aren't selling. Saks Fifth Avenue has slashed prices to sell Manolos. Multimillionares are spending less on their mistresses, according to a survey we find curious, but fascinating. Frederic Brunel, a Boston University marketing professor, told The Boston Globe: "The culture of the moment is to be smart with your money and get the best out of it":


    Even President Obama showed that you don't have to spend a lot of money to look good. During his inauguration, commentators talked about the fact that the first family wore clothes from J.Crew, a mid-market retailer. "They looked very good but didn't spend a lot of money on it."

    And indeed, cutting back has become quite the White House trend. Obama instituted a pay freeze for aides making more than $100,000 a year and announced a pay cap of $500,000 for corporate CEOs taking bailout money.

    Of course, some wealthy folks who can still afford to indulge are continuing to do so ... they're just hiding the evidence.


    Some shoppers are asking cashiers at high-end stores to put their purchases in plain white paper bags. Others want their expensive clothes and jewelry shipped home so they can walk out of the store without any bags at all.


    "There's a sense of there being a gaucheness in spending in excess and coming home with a Louis Vuitton or Chanel bag," says Lucyann Barry, a personal shopper and stylist for New York's ultra-rich.

    So the next time you think you spot Warren Buffet ready to board your plane, just check out his body language ó if he's doodling or fidgeting, you may indeed find the notoriously frugal businessman stuck in the middle seat.
    Caroline is on a Shopping BAN!
    I'm trying to get out of debt!
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  2. #2
    Moderator/Blogger VivaLaJuicy's Avatar
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    Default Re: Article on "hiding" wealth

    interesting. I think it affects people in different ways. Some of us still spend like usual, while some are cutting back on luxuries.

  3. #3
    A little eccentric warhols__muse's Avatar
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    Default Re: Article on "hiding" wealth

    I think it's interesting that it says "hiding" wealth. Me personally, I came from a very conservative family, like my grandmother paid CASH for her house and lived through the Great Depression. While, I don't buy everything my heart desires (if I did, I would literally be ditching classes at the moment in Hawaii) but I do fund my interests and desires without really thinking about it.

    Basically, I think people are just getting smarter.
    If love is the answer, what is the question?

  4. #4
    Jacqueline coach-princess348's Avatar
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    Default Re: Article on "hiding" wealth

    Interesting article thanks for posting swtcaro.

  5. #5
    Rising Bag Star swtcaro's Avatar
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    Default Re: Article on "hiding" wealth

    I agree, I think it's more of people actually taking time to think about what they buy and how it affects their lives.

    C
    Caroline is on a Shopping BAN!
    I'm trying to get out of debt!
    LV Mono Canvas Speedy 30 Botkier Vixen Hobo
    LV Mono Vernis Porte-Tresor International Wallet in Amarante

  6. #6
    Bag Junkie navymom's Avatar
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    Default Re: Article on "hiding" wealth

    I know I'm careful because I don't know what tomorrow or next week will bring and so am trying to be cautious, but not because I care what others may think.
    But I'm by no stretch of the imagination, among the people this article is referring to.
    NavyMom

  7. #7
    The Bag Star BexlovesBagz's Avatar
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    Default Re: Article on "hiding" wealth

    I was brought up with the mentality that if you cannot afford something, then you shouldn't buy it. My grandparents and parents often paid cash for things and we never lived in excess. However, I believe that if you really do want something, then you can save up for it and have it. I find ways to "rob Peter to pay Paul" in many cases for the items I want. I take my lunches to work , I stick to a budget, I get items on sale etc. etc.

  8. #8
    LvoeMyOhana cruznit1436's Avatar
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    Default Re: Article on "hiding" wealth

    However, I believe that if you really do want something, then you can save up for it and have it. I find ways to "rob Peter to pay Paul" in many cases for the items I want. I take my lunches to work , I stick to a budget, I get items on sale etc. etc.[/QUOTE]

    I agree...I NEVER go out to eat...I buy generic brands when i go buy groceries and stuff.. so that I could still get the things I want eventually...

    That is how I cut back this year...I noticed I could save so much by eating at home and buying generic hand soap, anti bacterial wipes...even store brand baby wipes are better and cheaper...and I buy bulk...one thing i am doing different...i stopped printing pics...they just piled up..i only print pics for my baby's book...everything else is done online...

    But I don't think we should feel guilty for having LV purses or Chanel or whatever...We work hard, in our own ways, and everyone deserves a treat sometimes...
    SuperMom


  9. #9
    The Bag Star BexlovesBagz's Avatar
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    Default Re: Article on "hiding" wealth

    Your last paragraph was well said ----Cruznit !!
    Last edited by BexlovesBagz; February 13th, 2009 at 01:43 PM. Reason: grammar error

  10. #10
    Epi Enthusiast speedydelivery's Avatar
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    Default Re: Article on "hiding" wealth

    I for one am def. not spending like I used to. I'm feeling very conservative and holdin' onto it and just enjoying what I have. I see where I live those McMansions are def. sitting along w/ most everything else in that price range. Oh and another thing is that people are so much more open w/ talking about money then ever before, it's like, we're all putting it out there on the table and feeling a sense of we're in this together.

  11. #11
    Bag Fan Newbie
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    Default Re: Article on "hiding" wealth

    very interesting

  12. #12
    Bag Admirer daffodil-gal's Avatar
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    Default Re: Article on "hiding" wealth

    I don't have a lot of money to spend anyway, so I'm pretty careful. I have a second little job though that helps pay for things I love. I have to save up though so by the time I buy something I really know I love it.
    "Personally, I think if a woman hasn't met the right man by the time she's 24, she may be lucky!" By Deborah Kerr

  13. #13
    Bag Fan Newbie Glimmer's Avatar
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    Default Re: Article on "hiding" wealth

    I grew up in the Midwest and where I lived, no one ever showed they had money. They drove buicks instead of cadillacs and lived in modest homes. The biggest thing people would do is maybe have TWO color tvs instead of one. haha

    Anyway, I find myself looking more at Dooney bags now than Chanel. Seems silly to moon over a $2500 bag when a $200 dollar one is well-made, functional and cute.

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