It is the middle class that will be hit the hardest and thus the mid-range price bags will be as well. Lower end bags (Coach and other brands priced under $500) should continue to thrive because mid-range buyers will trickle down and buy lower priced bags until CNN tells them the recession is over and the economy is thriving again (You should never buy foolishly but your bank account should dictate your bag habits, not CNN). As for the bag bubble everyone keeps talking about, I am not concerned. As long as there are women around, we will keep buying bags (as evident by the thousands of women worldwide who flock to Bag Snob daily to discuss their next bag purchase).
I will continue to buy bags until my hearts content. A news source certainly won't tell me how to spend my money.
Good for you Jhapson! I love the way you think and could not agree more!
xoxo
sadly I am one of the month to month paycheck girls. but luckily my mother is a bag snob and supplements my habits.
I have to agree. I was considering a Coach just the other day because I didn't want to spend $1200 on a Gucci. Sigh, I am one of the mid range bag buyers who are trickling you down as you said.
Though I try not to let the news influence me, it is scary when they all shout recession night after night!
Hi Tina! I will slow down on other things but bags? No way!
Bagsnob rocks!
Well, I was going to downscale, not because CNN says so, but because I work on wall street, and the Bear Stearns thing rocked most of us to our core...and we are not talking about paycheck to paycheck people here...these are people with serious paychecks who have been seriously shaken by a huge player going under so quickly...none of us ever thought it could happen and now we are all wondering if it will happen to our bank next...
but I decided I have the money, and frankly, if I just horde it until this recession goes away, it never will. Until we start spending normally, this is our reality. I remember the last recession well...it was in full swing just as I got out of law school and finding a job in NY was tough...but the recession ended, as they always do. And 15 years later, I'm none the worse for wear.
So today I bought a green python River bag to help the economy...that's my story, and I'm sticking to it!!! LOL.
Melissa,
You are totally helping the economy and if you need an expert witness to vouch for you, give me a call :)
xoxo
Hey Melissa I Live on Wall street so I hear ya. But I am not apart of corporate america so this recession that the news reports has not effected me at all. And way to go HERMES!.
Honestly , because of the econ I have been spending well above the 20k mark on bags and things from AMERICA only. Because spending here really does help the econ. I have an Hermes within ear shot.
Why does 394mil for a years net seem like a small number for a brand like Hermes??? It's not like its an exclusive brand. I've seen all types of people owning hermes of some kind. I thought it would be higher for some reason. Oh well. Congrats any way!
Oh ! how did i miss the part about the bag bubble?. What bag bubble? I must really live in a bubble because on the 10005 their is no bag bubble. Non of my friends across the country feel the bubble etha soo? This must be a personal bubble that they are talking about.
yes the US dollar is really bad, however it is precisely now that I want to buy "my new bag" for summer,
and yes, I am thinking I can wait another year my my next Birkin,
and maybe even I should keep it on the down low...but yes,
I will buy "my new bag"
Thanks Bagsnob for all your work, you are my homework before
I buy.
I think with the super rich, they will continue to buy whatever their little hearts desire. It's more psychological for some people though. Imagine with the housing and stock dip, a person can go from having a networth of 30 mill to 20 mill within a year period. Imagine the people who own Bear Stern. I feel for them. I would feel a little insecure. But, if my Hermes source calls me about my Birkin bag, you bet I will contribute to the economy.... : )
I will continue to buy bags:) We (my savvy hubby) knew the US recession was coming, hence he has been doing deals in Europe, and my business is recession proof....As for bags, I agree with you BAGSNOB TINA, one should not go into debt for a bag, even for a Birkin!...As for Hermes, i just bought another BIRKIN from Hermes in NYC (gold with gold hardware, gorgeous!)
..Some stores definitely have felt the crunch but not just due to the economy..for example, I have not frequented the LV store in a long time b/c LV has been making rather ugly bags!