To Spend or Not To Spend

November 12, 2008 – 12:30 pm

I have been deluged of late (as I’m sure we all have) by discount offers and sale notices.  While we’re used to retailers promoting sales on various holidays, the early rush to discounts this year is disconcerting – a potent daily reminder of the economy’s collapse.  As a friend of mine who owns a shoe store said, “even my most loyal customers feel guilty about spending.  It’s not chic to spend right now.”

 

An article in this morning’s New York Times about the dramatic decline in consumer spending underscored the subject.  But the lines that gave me real pause were “What the American economy has going for it is the innate optimism of the public…Americans get optimistic at the drop of the hat.”

 

As a company, we support that notion wholeheartedly, as do our clients.  Sure, there will be some discounting, belt tightening, priority-setting.  But we will also continue to embrace the idea that you can’t disappear from the public mind-set – you have to continue to hustle to be able to take advantage of the eventual economic recovery.  And it will come.

 

In the meantime, I may just spring for a greatly reduced jacket or sweater, a bargain weekend getaway, and the occasional dinner out.  And we’re not giving up our daily runs to Starbuck’s and popcorn breaks! 

 

- Yvonne 

  1. One Response to “To Spend or Not To Spend”

  2. Dear Yvonne, I love your comments on optimism.

    When the recovery comes we may need to be mindful of the ways luxury will be reinvented. The notion of luxury will mean different things for different people. To some degree this has always been the case but the next incarnation of luxury will have higher values and is predicted to focus more on provenance and bespoke versus pampering and indulgence.

    I am thinking of removing the word ‘luxury’ from my website because of the unfortunate social connotations with the word right now. It’s a sad farewell to a word I have loved and used daily for years but I will find a new friend as the replacement. Any suggestions?

    Sonia Rendigs

    By Sonia Rendigs on Dec 13, 2008

Post a Comment