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business newsThe Party's Over
The economic downturn forces even the rich to cut back.
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Well, the times, they are a changin'. The economic downturn has forced wealthy Americans to begin cutting back. And those who still have enough cash lying around to buy luxury goods are doing more to hide their millions from the outside world, according to an article in the Washington Times.
"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," reports the Times.
Evidence of how the rich are scaling back can be seen where they shop. Sales at high-end retailers like Neiman Marcus, Tiffany (TIF) and Saks Fifth Avenue (SKS) were all down during the holidays, the busiest time of year for sales.
In other words, they party's over for the uber-wealthy who walk among us.
No more fourth home. No more ski trip to Vail. No more Rod Stewart playing at your daughter's bat mitzvah.
Join Hoofy and Boo as they take a look at how the economic downturn is causing even the super-rich to cut back.
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