It seems that Americans will always be enticed by material gloss and glam, but in this economy they don’t want to show it.

• Despite America’s recent economic despair, the country’s lavish spenders are still alive and well. However, their spending style has shifted from self-advertising to self-discretion. People are still buying away, but in these tough times, it’s not cool to show it.
• Though Goldman Sachs claimed to skimp on bonuses this year, the total still came to $16 billion. Americans – seemingly frazzled by Wall Street’s demise – still managed to rack up $800 billion in credit card debt in the two years after the crisis.
• Some people have certainly been forced to reign in their spending. But their reservation comes from necessity, not respectful conservatism. Spenders are still spending; they just might turn their designer labels to the side.

Best Quote

“The notion that people have crawled into a bunker stocked with canned beans is a bit of a myth. Pleasure-seeking has stubbornly continued. Unless you unfortunately lost your job, nobody stopped. People just aren’t as in-your-face about it.” – Mr. Gordinier, Owner of a high-end personal-concierge company

Tags: credit card debt, economy