by 
shrinkess
ANSWERS: 3
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The 'herd mentality' in action again! ;-)
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I've read that even the high-end stores like Neiman-Marcus and Bloomingdale's have had 70% off sales..something they never had to do before. Many very wealthy people have lost millions..some few have lost billions. So everyone is cutting back. We personally just buy what we need..but we try to make do and see if we don't have something in a closet or drawer or box somewhere that we can use instead of going out to buy something new. It is amazing what one can do in such circumstances. :) Never thought being economical, even frugal, would reach the very wealthy but apparently it has. Poor retailers..poor us!
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in good times EVERYONE shops for EVERYTHING. in bad times SOME people shop for SOMETHINGS. at the moment most people are only shopping for essentials like food. luxury sales like TVs, clothing, cellphones, are going to decline for a long while. also witness the fall of house prices and job losses. this is partly due to the banks and partly our fault for living our lives with credit cards and never really saving money to buy things. let us hope we ALL learn a good lesson from our mistakes in the past.
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