What stock market crash?
- October 8, 2008 10:01 AM
- By Commodities
Got $1,500 for a Karl Lagerfeld teddy bear for your little one? How about a cool million for a golf course designed by Jack Nicklaus, or $10 million for a thoroughbred racing stable package, including up to 15 horses trained and raced for four years.
Luxury U.S. retailer Neiman Marcus is hoping someone has that kind of cash. On Tuesday, it unveiled its Christmas Book - a glossy 95-page ode to excess -
despite a global financial crisis that has badly shaken consumer confidence among even the biggest spenders.
U.S. Luxury sales fell 4.8 per cent in September versus an 11 per cent rise in August that was boosted by foreign tourists, according to SpendingPulse, the retail data service of MasterCard Inc's MasterCard Advisors.
Still, Neiman vice-president Ginger Reeder maintains wealthy customers aren't much affected by the economy, but that so-called aspirational shoppers - more middle-income yet yearning for touches of luxury - could be stretched thin.
With files from Reuters and the Associated Press
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