A friend who works at the elite store Bergdorf Goodman tells me the store is nearly empty lately. Another friend at Barneys says the same. The well-dressed may be cutting back on new clothing purchases, but, I wonder if people, on the fora and elsewhere, who are otherwise well-dressed might be downplaying their mode of dress in keeping with the more solemn economic times. Perhaps others are dressing well to counter the depressing backdrop.
I think it's the perfect time to be ostentatious. It's the contrarian in me.
Not me. I actually think I am tending to spend slightly more now on comfort items like shoes, to offset the nauseating feeling I get when I see an IRA/401k statement. I know the market will be back, and I don't need to access those funds for another couple of decades, but psychologically, it still takes a toll. Greenspan was right about the wealth effect and its impact on consumer spending. Seeing housing/stock markets in the toilet as they are cannot but take some major purcashing power out of the market.
Again though, oddly enough, I am on my 6th pair of shoes in a month, so it just does not seem to be having the proper effect on me. Another example of contrarian market psychology.
I dress the same as always. My bespoke suits and jackets, some over 25 years old, are timeless. Therefore, I never look like I've bought something brand new or "fashionable".
Wearing the suits less and the odd jackets more, but that process had already begun, really. In terms of purchases, it's the CAD rather than the economy as a whole that is pinching -- I won't be looking at American retailers much for the next little while.
Yeah I'm not worried a bit about what I wear during a given economy. What is this some sort of commie cultural counter revolution?
My only potential worry was that the nation might associate the strong chalk stripe with the wall street debacle but the public really only thinks that tv announcers from sports, politics and financial news wear them, so at worst they'll think I work for CNBC