Less than 1% of the population can afford luxury goods, clothing and shoes. Let that sink in. So if 300 people walk into a luxury store on any given day, only 3 can truly afford to shop there.
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It's a 100 Customers that keep the place running.... I know...
@bj Well said.
I’m not buying that. The average person for the most part does not even set foot in a Neiman Marcus or Gucci store, why would they? Sure, a few will walk in and look at price tags, but for the most part, it’s rich housewives, old money, and repeat customers who are millionaires. Sure, even the rich are questioning the high prices which have increased exponentially in the last three years, but someone making $50,000 a year is not intentionally going to shop in a store that sells $2,000 pairs of shoes, that wouldn’t make any sense.
But those 3 people have more money than the 297 other people combined.
I heard another statistic - 50% Americans can't get their hands on $500 if needed for emergency, 60% don't have $1000 savings. Corporate greed for the top ranks may be ok short-term, but not a good long-term strategy. Ki-ling the American middle-class & preventing their upward mobility destroys your own consumer base. Id--ts. Enjoy your cheap labor while you lament lack of customers.