Gas prices widen divide between rich, not-rich
Luxury retailers say spending is brisk, while Target,
Walmart, others see customers cutting back
By ANNE D'INNOCENZIO
5/18/2011
NEW YORK — High gas prices are driving a wider wedge between the wealthy and everybody else.
The rich are back to pre-recession splurging: Saks Fifth Avenue and Nordstrom customers are treating themselves to luxury items like $5,000 Hermes handbags and $700 Jimmy Choo shoes, and purchasing at full price.
At Target and Walmart, shoppers are concentrating on groceries and skipping little luxuries. BJ's Wholesale Corp. said Wednesday that customers are buying more hamburger and chicken and less steak and buying smaller packs to save money.
TheNewGildedAge.blogspot.com This blog focuses on the growing inequality of income and wealth in the U.S. As Warren Buffett said in 2008: “There's class warfare, all right, but it's my class, the rich class, that's making war, and we're winning.”
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