The Shame Of Shopping For Luxury

The Early Show: Designer Labels Being Shunned -- In Public, Anyway, As Rich Go Stealth Seeking High-End Goods

(CBS)  Even with the economy in deep distress, those in the upper-strata can still afford to shop for the priciest items and labels.

But, reports CBS News correspondent Bianca Solorzano on The Early Show, they don't want to flaunt it while so many others are facing such tough times, so they're spending the big bucks -- on the down-low.

People such as 36-year old Robin Harris, a self-described shopaholic who works in the financial services industry, while still shopping a lot, and only for the best, is trying to avoid a new designer label -- Luxury Shame.

"The simplest definition of luxury shame," says Newsweek Senior Writer Johnnie Roberts, "is an embarrassment of riches. ... Many of them are still shopping. They are closeted conspicuous consumers."

Many who don't want to be seen seeking their designer names are saying goodbye to shopping at fancy retailers, and hello to the Internet, with sites such as Ideeli.com, Solorzano points out.

"It comes to your house in a very discreet way. You could be ordering a book. ... It's a more subtle way to shop without flaunting in everyone's faces," Harris explains.

Many of these covert shoppers are hitting invitation-only sample sales, where you can get expensive goods for low-end prices, Solorzano adds.

Could this "shopping shame" mean the end of the $175 billion dollar global luxury goods market?

"The only unknown," says Newsweek's Roberts, "is whether this is a permanent behavioral change."

[mytoosense]

There must be thousands of business owners out there who are second guessing their past support of the Republican party.

How did they ever believe that diminishing the earning power, thus the spending power, of the middle class in America would be good for business?

The orgy is over and the bill has arrived.

[rrozsa-2009]

If you haven''''t noticed, CBSNews tends to publish divisive articles which promote huge fights in their comment pages over class warfare, political mud-slinging between the conservatives and liberals, racial strife (via references to "the racial card being played"), and gun control, on a regular basis.

---- Posted by RRozsa at 12:22 PM : Jan 02, 2009

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Don''t get me wrong -- I''m not necessarily saying that CBSNews'' trolling for militant mud-slingers in their comments pages is a bad thing -- I join in myself from time to time for the fun of it! Just sayin.......

[rrozsa-2009]

It''''s great if you''''re doing well even in this economy, but be mindful of flashing money around in front of people who may have hit hard times themselves.

---------Posted by mdalerwill at 03:11 PM : Dec 31, 2008

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I agree in general principle with what you are saying, but in this case, I can''t really say that the subjects of this article are "flashing their money" around -- they are buying over the internet to avoid just that sort of "flashiness". If anything, CBSNews is the one promoting the class envy and so-called "luxury shame".

If you haven''t noticed, CBSNews tends to publish divisive articles which promote huge fights in their comment pages over class warfare, political mud-slinging between the conservatives and liberals, racial strife (via references to "the racial card being played"), and gun control, on a regular basis.

[rrozsa-2009]

tinyurl is exclusive to those with tinybrain.


-------------Posted by eggy1620 at 02:56 PM : Dec 31, 2008

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I understand that you''re frustrated with "justaguy", but... wow, what a silly comment! Just so you know, "Tinyurl" is a free service that allows you to truncate large URL''s into a much smaller one, so that you can share web siteks with others without their having to paste really long web addresses into their browser. Lots of people, both smart and stupid, use Tinyurl to share web addresses in a convenient manner. Sheesh!

[runningralph]

I checked my holdings with Fidelity today. Shrunk a little- about 7 or 8%. I guess my real estate has gone down in value too. But I''m still working, still doing business. And being conservative, I don''t spend much. Gas prices are down, cost of living is down. I''m doing OK. I can still do target practice. I reload my own ammo. I go to a honky-tonk that plays oldies. Life is good. I feel sorry for the rest of you chumps.

[cwbyht]

To heck with that, I''ll buy anything I want anytime I want. And if some scum panhandler gets in my way, I''ll stomp him with my Gucci loafers, and spit on him!
Long live Dolce and Gambana!

[barbaram99]

I ''member the old days. Yep we wore hand me downs. We got new uderwaer and shoes. I wore my shoes out faster than my peers. I still wear clothes I got years ago. I met a girl on the once and she told she would not wear but name brand things. Yep ye will. Ii is true things are not made as well as years ago. I don''t worry about being in style. Some things are poorly made and are junk.I was eating at a soup kitcken and this lady comes in all fancy ete. She was out of place. That woman knew better. Ye earnt it fine. I am poor. I don''t keep up with the jones. Never have.

[liberalme]

How much of that "luxury" is made in America?

[mjm117]

Maybe you don''''t. And who will care when it''''s YOU who is hungry or in need of medicine????





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Posted by httpwwwnews at 02:56 PM : Dec 31, 2008


Never said I didn''t, but I don''t think people should be shunned for not "sharing" their fortunes.

[terrapin78]

Poor GM...they had to shut down production and halt construction of a new plant

Tell me this, why did GM feel like they should begin building a new plant? Did GM auto sales over the last few years justify that??? Come on now.

They should just go design another Hummer...

Posted by mjm117 at 01:16 PM : Dec 31, 2008


Well, the plant that was being built was to provide the batteries needed for the Chevy Volt. Which could be the salvation of the comapny.

IMO, this is a tragedy.

[mdalerwill]

I would say the best option is to be a little moderate and a little sensitive to what others are going through. Give a little to charity. Also have a little of what you want. It''s great if you''re doing well even in this economy, but be mindful of flashing money around in front of people who may have hit hard times themselves.

Am example of someone who just doesn''t seem to care would be the wife of the Lehman Bros CEO. How many people lost their jobs? How much retirement money gone? And she is still spending $10k a week just in the Hermes shop.

"Let them eat cake" got Marie beheaded.

[httpwwwnews]

Why SHOULD they donate? It''''s a great thing if they do, but they shouldn''''t feel obligated to do so. If they want to buy Coach, let them. WHO CARES. Posted by mjm117

Maybe you don''t. And who will care when it''s YOU who is hungry or in need of medicine????

[eggy1620]

tinyurl is exclusive to those with tinybrain.

[ramos937]

I have my own business which I built from scratch. While I do have my own charities, I also like nice things and can afford what I buy. I have no shame in buying these things because I earned them.

[jsutaguy]

The total amount of money that has been given to the banks, is 7.7 TRILLION DOLLARS.
http://tinyurl.com/96a7s4
That''s right. In less than one month, the Federal Government has allocated 1.5 times the entire US Federal Deficit to be given to Wall Street banks.

So far, the banks have NOT:
1. lowered interest rates to match the cuts made by the fed.
2. lowered credit card interest rates from their predatory levels of 29%
3. reduced foreclosures by accepting some loss on the loans...they''ve simply deferred foreclosures until the beginning of 2009.

What the banks HAVE done is:
1. Pay their executives over 3 Billion dollars in bonuses. BONUSES! NOT SALARY! BONUSES! For destroying the US and World financial system, they''ve been paying BONUSES!

2. Buying up local, healthy banks in order to suck the reserves of more people into their balance sheets%u2026and in order to transfer layoffs out of New York and onto the main streets of America.

3. They%u2019ve been throwing Multimillion dollar parties. http://tinyurl.com/562moo

The Fed bailed out the banks because everyone felt that our economy needed the banks to exist so that they could do what banks do: Lend Money.

Are the banks doing that? ABSOLUTELY NOT! They are hoarding it, and using it to prop up salaries that allow these parasites to own 4 and 5 multimillion dollar homes which they only visit 2 or 3 times a year.http://tinyurl.com/5qf7cu

Make the world a better place. Get rid of these sociopathic parasites...

[mdalerwill]

I can see both sides of this issue.

On one hand, I believe we Americans should reassess our level of consumption and, even more importantly, why we consume like there''s no tomorrow and no real tab to pay (socially and environmentally) for our behaviors. Though I don''t know if I could be so disciplined, I found an interesting article on the CSM about a couple committed to buying nothing new for one calendar year. They did make exceptions for things like underwear and safety-related items, and of course toiletries. For their other needs they shopped secondhand stores, took hand-me-downs, repaired rather than replaced, etc. It came in VERY handy for them when one of them was laid-off from work.

On the other hand, cheaper goods are frequently of poor quality. Gone are the days when you could count on getting your money''s worth from clothing you could purchase at a department store, even a nice department store. My mother used to spend twice what she had to for clothing, but she had that clothing for 20+ years (yes, literally) and it never wore out. Clothing from that same shop today wears out by the end of the season. I personally own a handful of luxury items (all purchased off ebay for 10-20% of retail -- I''m not rich), and I can say I am amazed and delighted at the quality and workmanship...but stunned at the original price.

[jsutaguy]

The problem, jacka**, is WALL STREET.

The problem is that the greedy parasites that sit on Wall Street have bought our government, on the cheap, for the last 10 years, and they are destroying our country.

Wall Street has destroyed our home equity, destoyed the value of our dollar, helped sell our industries to foreign countries, and rewritten the laws of our country via their lobbyists, who write full, complete laws which get handed to congressmen and Senators as fully formed bills, and get written into law.

Now, Wall Street has taken 7.7 TRILLION DOLLARS which its buddies in the administration have given them. Based on OUR FUTURE TAX REVENUES.

Wall Street got that money today, and we''ll be paying for it forever.

When our "government" decides to do away with 401K deductions, to increase our taxes, this is where it it going.

It is going to pay for today''s 5th and 6th multimillion dollar homes owned by these Wall Street parasites.http://tinyurl.com/5qf7cu

It is going to pay for lavish parties for these Wall Street parasites.http://tinyurl.com/562moo

None of them will be charged with any crime..but the world will not stand for this, and will devalue our currency in response. We are about to see the largest inflation ever in 2009, all because some parasites on Wall Street say so.

[mjm117]

Poor GM...they had to shut down production and halt construction of a new plant

Tell me this, why did GM feel like they should begin building a new plant? Did GM auto sales over the last few years justify that??? Come on now.

They should just go design another Hummer...

[eggy1620]

What needs to be recognized is that people who stitch Louis Vitton bags need to eat too.

[eggy1620]

So what justaguy is saying is that you do not have a problem with auto executives owning 5 or 6 homes because they got less than the investment bankers. Very interesting perspective.